The price of gold, one of the assets considered a safe haven in times of uncertainty, reaffirms historic highs this Tuesday, surpassing $2,365 per ounce, thanks to central bank purchases, geopolitical tensions, and uncertainty about monetary policy.

The price of gold reached a new record, at $2,365.35, surpassing the historic highs touched earlier this morning. After hitting several historic highs since mid-February, the rise in gold is a sign that investors are seeking refuge amid economic uncertainty.

The U.S. employment report released last week exceeded expectations and sparked speculation about the future course of Federal Reserve (Fed) monetary policy.

Minneapolis Federal Reserve President Neel Kashkari suggested last week that if the economy remains strong and inflation doesn’t ease, perhaps it may not be necessary to cut rates this year. Investors are now awaiting the Fed’s upcoming communications, including the minutes from its March meeting and speeches from its officials, which could offer new clues about potential interest rate cuts.

The movements in gold prices will serve as an important barometer to gauge investor confidence and the direction of monetary policies. In addition to these factors, analysts continue to attribute the rise in the price of gold to sustained purchases by central banks, especially China’s, aimed at bolstering their strategic reserves.

The Dollar Index Futures, which tracks the dollar’s trend against the basket of the other six major currencies, fell by 0.13% to trade at $103.77.

On the other hand, on the Comex, silver for May delivery increased by 1.17% to trade at $28.13 per troy ounce, while copper for May delivery increased by 1.01% to trade at $4.32 per pound.