Global crude oil prices plunged amid rising concerns over the U.S. economy, while gold prices posted a fresh high in light of a rising demand for gold.

On the New York Mercantile Exchange, prices of West Texas Intermediate crude for September delivery fell one-point-one dollars, or one-point-two percent, on Tuesday from the previous trading day’s close to finish at 93 dollars and 79 cents. That’s a five-week low.

Gold futures for December delivery settled at a new high of 1,644 dollars and 50 cents per ounce, up 22 dollars and 80 cents, or one-point-four percent, from the previous close.

The Bank of Korea’s purchase of gold for the first time in 13 years also boosted the price of the metal.