NEW YORK (Reuters) – Gold pushed further past $2,000 an ounce on Wednesday in the face of a weak dollar and expectations of more stimulus measures for the pandemic-ravaged global economy, while stocks in Europe and on Wall Street rallied on encouraging corporate earnings.

Oil prices rose to their highest since early March on a big drop in U.S. crude inventories and on the weak dollar, which was pushed lower by data showing euro zone business activity returned to modest growth in July.

The final Composite Purchasing Managers’ Index (PMI) from IHS Markit climbed to 54.9 from June’s 48.5, better than a 54.8 flash estimate, indicating significant improvement consistent with the continued easing of lockdowns, analysts said.

Gold set a new record after scaling $2,000 for the first time on Tuesday, as investors seek a store of value on fears government stimulus in response to the pandemic will trigger inflation, devalue other assets and keep bond yields low.

Spot gold prices XAU= rose 1.1% to $2,039.59 an ounce, after earlier reaching a record $2,055.10. U.S. gold futures GCv1 hit a record $2,070.30 and settled up 1.4% at $2,049.30.

The dollar standard of the past 50 years is being openly questioned because of the U.S. Federal Reserve’s enormous increase in money supply, said Ryan Giannotto, director of research at alternative ETF provider GraniteShares.

“The dollar is collapsing under the weight of $3 trillion in printed dollars, this all comes out in the wash with higher gold prices,” Giannotto said.

Gold has gained nearly 35% so far in 2020 and is one of the year’s best-performing assets.