On Monday, the price of gold reached an all-time high, cruising past $2100 per ounce, as investors across the globe continued a rush to safe-havens.

Initially spot gold surged to a record at $2,110 per ounce, before retreating slightly to $2,090, as of 11:40 GMT.

For two months in a row now, the world’s oldest asset has been rallying, driven by investors seeking a safe haven amid rising global uncertainty and increasing geopolitical tensions, as well as fears of a global recession and expectations that the US Federal Reserve will begin cutting interest rates in the not to distant future.

The CME FedWatch Tool is presently indicating that markets are predicting the odds of an interest rate cut in the US during the first quarter of 2024 is over 50%.

UOB’s Head of Markets Strategy, Global Economics and Markets Research, Heng Koon How, said in an interview with CNBC, “The anticipated retreat in both the USD and interest rates across 2024 are key positive drivers for gold,” adding that it was his estimate that by the end of 2024, the market could see gold rise to $2,200.

The World Gold Council recently released a survey which showed that over 20% of the central banks in the world plan to increase their gold reserves over the next 12 months, as they increasingly see the US dollar as less reliable as a reserve currency.

Gold is traditionally seen as a “safe haven” asset by investors during times of market uncertainty, which can be used to hedge risks and as a store of value. For that reason investors have moved into bullion for thousands of years during periods of economic instability, market crises, military conflicts, and pandemics.

Many experts forecast that gold will rise even more into next year, attaining fresh record highs, as it remains above the $2,000 level.