Spot gold jumped to a record high of $1,300.10 a troy ounce Friday as the U.S. dollar continued to weaken.

The precious metal has been on a record-breaking run the past fortnight–primarily on the back of falls in the U.S. currency–with analysts describing a break of the $1,300 per ounce level as “psychologically important.”

“The prospect of further U.S. quantitative easing and the resulting decline in the dollar was the main driver behind the rally to the $1,300/oz level today,” SEB analyst Filip Petersson said.

The underlying bullish trend, he noted, continues to be fueled by the high level of uncertainty regarding the U.S. end European economies.

The break above $1,300/oz was only brief, however, and the metal had by 1330 GMT slipped back to trade at $1,298.80/oz, up 0.6% on the day.