Gold prices hit a new record high of $2,110.8 per ounce on Monday, before giving up some gains. They are currently trading at $2,084.59. Prices have risen for two consecutive months amid geopolitical uncertainty like the Israel-Palestinian conflict, boosting demand for the safe-haven asset. Expectations of interest rate cuts have also supported higher gold prices. Analysts expect gold prices to remain above $2,000 levels in 2023 and could reach up to $2,200 by the end of 2024. A survey found 24% of central banks plan to increase gold reserves in the next 12 months.