Gold and silver are spiking to their best levels in more than a year

Precious metals extended their rally on Friday, with gold and silver rising to 15-month highs.

Gold futures climbed 1%, or $13.65 an ounce, to as high as $1,280.20, a level not hit since January 2015.

Silver futures rose 1.3%, or $0.22 an ounce, to about $17.910.

Meanwhile, the dollar is under pressure, helping to raise demand for precious metals. The index that gauges the so-called greenback against a basket of other major currencies fell 0.5% to 93.18, the weakest in at least one year.

The dollar fell sharply against the yen on Thursday after the Bank of Japan unexpectedly did not announce more stimulus plans to support the economy. The yen is having its strongest week since 2008.

Here's gold:

And silver:

NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy