Gold prices are on a record-breaking tear, reaching a new high of $2,168 per ounce on Friday, fueled by rising expectations of U.S. interest rate cuts and ongoing safe-haven demand.

This week’s surge comes as investors increasingly believe the Federal Reserve will ease monetary policy later this year. Federal Reserve Chair Jerome Powell hinted this week that the central bank is nearing the point where it can start cutting rates to ensure inflation reaches its 2% target.

Market expectations for a June rate cut have jumped to 74%, up from 63% just a week ago. Lower interest rates make gold, which doesn’t offer a yield, a more attractive investment compared to interest-bearing assets. Additionally, a weaker dollar, often a consequence of rate cuts, makes gold cheaper for foreign buyers.

Analysts point to today’s U.S. non-farm payroll data as a potential catalyst for the next move in gold prices. A strong jobs report could cool gold’s rally, while weaker-than-expected numbers could send prices soaring past $2,200 an ounce.