Gold and silver prices soared Monday, pulling precious metals exchange traded funds higher, after Standard & Poor’s cut its triple-A rating on U.S. government debt.

SPDR Gold Shares (NYSEArca: GLD) was up 2.3% in premarket trading, while iShares Silver Trust (NYSEArca: SLV) gained 3.3%.

Gold futures climbed above $1,700 an ounce for the first time.

In currency ETFs, CurrencyShares Euro Trust (NYSEArca: FXE) was set for a lower open as the dollar strengthened against the euro in Monday’s “risk-off” trade after the S&P downgrade.

“The full impact of this is currently hard to quantify but an increase in the risk of what was previously the risk-free asset — U.S. Treasuries — can only be positive for other safe haven investments, including gold,” a trader told FastMarkets on the S&P ratings cut. [What Now for U.S. Treasury ETFs After Debt Downgrade?]

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