Gold futures on Wednesday logged their highest settlement in more than five weeks after weaker-than-expected U.S. retail sales helped pressure the dollar and raised expectations that the Federal Reserve will push back plans for an interest-rate hike.

Gold for June delivery on Comex US:GCM5 rose $25.80, or 2.2%, to settle at $1,218.20 an ounce. That’s the highest close since April 6, based on the most-active contracts.

July silver US:SIN5 spiked by 69.5 cents, or 4.2%, to $17.221 an ounce, with prices marking their highest settlement since mid-February. Read: China’s slowdown hurts now, but silver could see a 40% spike by year end

The Commerce Department said sales at U.S. retailers were flat in April, while sales excluding autos and gasoline rose just 0.2%. Economists surveyed by MarketWatch had forecast total sales to rise 0.1%, while sales excluding autos and gasoline were expected to rise 0.4%.

Following the downbeat data, the dollar was on track for its worst day in at least a week, with the ICE U.S. dollar index DXY, +0.03% down roughly 1%.

“The recent U.S. dollar weakness has propelled gold back above $1,200,” said Ken Ford, president of Warwick Valley Financial Advisors.

“Now traders are paying very close attention to gold as it approaches resistance at $1,220,” he said. “If price can break above that resistance level, gold should be able to make another run at $1,300 mark.”

Chintan Karnani, chief market analyst at New Delhi-based Insignia Consultants, said investors will feel more confident in gold’s rally if prices trade over $1,224.

There is short covering at the moment which, if it continues, “can result in gold rising to $1,262 and $1,324 in the short term,” he said.

“One thing is for sure: [the] Fed interest-rate hike will be delayed beyond most of our expectations,” said Karnani.

In other metals trade, July platinum US:PLN5 rose $17.80, or 1.6%, to $1,150.80 an ounce, while June palladium US:PAM5 rose $4.25, or 0.5%, to $789.40 an ounce.

July copper US:HGN5 shed less than half a cent to $2.929 a pound.