NEW YORK (MarketWatch) — Gold futures rallied Thursday, as the dollar’s tumble against other currencies combined with record-high crude-oil prices to propel the precious metal to its highest level in 27 years. Other metals prices — particularly silver which surged nearly 3% — also posted strong gains.

“Investors are flocking to gold today as the U.S. dollar continues its slide,” said Peter Spina, an analyst at GoldSeek.com. “This rally could carry the price to and past the $800 mark before it takes a rest. The fundamentals and technicals are supporting this view.”

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