Gold saw renewed safe-haven demand, especially as more traders grow cautious on speculation that President Donald Trump’s policies may not move forward in a timely fashion.

Precious metals also strengthened after data on Friday revealed U.S. wage growth slowed, which diminished the chance of a Federal Reserve interest rate hike this year.

“Bank of America Merrill Lynch forecasts gold rising to $1,400 by the fourth quarter of 2017, according to a report published Monday by foreign exchange strategist David Woo,” reports CNBC. “Negatively yielding bonds have made gold appear more attractive in a sort of portfolio rotation, Woo wrote. As interest rates and the price of gold tend to move inversely, more flows into negatively yielding government bonds would cause gold to rise.”

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Tom Lydon’s clients own shares of GLD.