SINGAPORE (June 21): Gold futures topped $1,400 an ounce for the first time since 2013, riding bullish momentum after major central banks projected more dovish stances this week and geopolitical tensions rose.

Futures in New York climbed as much as 0.4% to $1,402.60 an ounce, the highest since September 2013. Bullion for immediate delivery rose as much as 0.8% to $1,398.94 an ounce, also the highest since September 2013, and traded at $1,397.97 by 9:50 a.m. in Singapore.

The metal is heading for its best week in three years as the Federal Reserve opened the door for U.S. interest rates cuts, while central banks in Europe and Australia also signaled readiness to do more to support growth. Bids for havens came into play as investors weighed increased tensions between the U.S. and Iran and the meeting of the presidents of U.S. and China to discuss the trade conflict on the sidelines of the Group of 20 summit in Japan next week.

The recent “bullish gold fever” is justified, according to Citigroup Inc. analysts, who raised their forecast on prices. A combination of loose monetary policy, a weaker dollar, elevated geopolitical risks and peaking U.S. growth are fueling the optimistic outlook for the metal, they said.