Gold prices were on the rise Tuesday morning, pushing gold-focused exchange traded funds (ETFs) higher with them, as investors clamor for defensive positions amid Brexit- and Trump-related concerns.

Analysts are getting increasingly bullish on the yellow metal as a result. One fund manager told Reuters:

“Gold is going to do very well in the first half of the year due to Brexit concerns, Chinese currency pressure and uncertainty surrounding Donald Trump’s policies,” said Richard Xu, fund manager at China’s biggest gold exchange-traded fund, HuaAn Gold.

“Stock valuations are pretty high and bonds are not going to perform much better than what they are doing now. There are very few alternatives for liquidity to go to and gold prices will find some support,” Xu added.

British Prime Minister Theresa May will deliver a speech today discussing her twelve Brexit priorities in detail, and her office pre-released some information early. Specifically, Britain said it will see a “hard exit” rather than a “half in, half out” divorce with the EU. Currency concerns related to this development are pushing more investors into gold.

Elsewhere, with president-elect Trump’s inauguration looming on Friday, investors are worried about a strengthening dollar and a potential trade war erupting with China.

Gold futures were up 1.3% in Tuesday trading, while silver and platinum prices rose 1% and 0.8%, respectively.

The SPDR Gold Trust ETF (NYSE:GLD) rose $1.54 (+1.35%) in premarket trading Tuesday. Year-to-date, GLD has gained 4.20%, versus a 1.57% rise in the benchmark S&P 500 index during the same period.

GLD currently has an ETF Daily News SMART Grade of B (Buy), and is ranked #2 of 29 ETFs in the Precious Metals ETFs category.

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