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The price of gold reached an all-time high on Friday, soaring above $2,600 per ounce as global investors continue to seek safe-haven assets.

Spot gold prices rose 1.13% to a record high of $2,609.8 per ounce before pairing some gains. Prices were up roughly 4% for the week and 23% so far this year, exceeding the 13% advance registered for all of 2023.

Gold has rallied after reports last week that the US Federal Reserve might be ready to lower rates by 50 basis points next week from the current 5.25% to 5.50%, the highest level since 2001. Lower borrowing costs increase the appeal of non-yielding gold.

Analysts attribute the rally to investor demand for safe-haven assets amid global uncertainty and rising geopolitical tensions in the Middle East and Eastern Europe.