On Monday, gold rose to the highest level seen since May, rising above $2,000 per ounce, off a weakening of the dollar, as well as a perception that the Federal Reserve may have completed hiking interest rates, and will now hold rates steady, before beginning reductions next year.

By 10:19 AM GMT, spot gold had risen 0.6% to $2,012.92 per ounce, after reaching $2,017.82 per ounce, the highest price seen since May 16th. Gold futures in the US were also up 0.5% to $2,013.80 per ounce. It was last week when gold first breached the key psychological threshold of $2,000 per ounce.

The dollar lost 0.1% to a basket of currencies Monday, as it approached a two-month low it hit last week. As the dollar weakens, gold normally becomes cheaper for the holders of other currencies across the world.

Gold’s rise has also benefitted from investor sentiment indicating the US Federal Reserve has completed its interest rate hiking cycle, based off newer data recently released which pointed to inflation slowing down. As interest rates decline, it reduces the opportunity cost of holding non-interest bearing investments, which causes the price of gold to increase. There will be a new round of US inflation data coming out later in the week.

Gold has been on a rally since the beginning of the conflict between Israel and Hamas in early October. Seen as a safe haven asset during times of uncertainty in the market, it is expected the price of gold will continue to rise as the conflict in the Mideast continues to threaten sectors from energy to transportation.