Web Desk) - The price of gold leaped to an all-time high on Monday, beating the previous record set in August 2020, before shedding its gains.

Gold prices briefly jumped by 3% to $2,135 per ounce on Monday, before falling to $2,062 at 10:00 a.m. ET.

It's the second business day in a row that gold prices achieved a new record, after climbing to $2,069 per ounce on Friday.

The latest string of price jumps for gold comes after Federal Reserve Chairman Jerome Powell on Friday made comments that traders and analysts have said seen as a hint that interest rates may soon be cut, prompting U.S. dollars and Treasury yields.

"Markets view today’s comments as inching toward the dovish camp," Jeffrey Roach, chief economist for LPL Financial, told The Messenger Friday.

"A few weeks ago, Powell said policy is restrictive but today, he believes policy is 'well into restrictive territory.' I think it’s fair for markets to latch on to that subtlety."

Prices of the precious metal have been bolstered over the past two months as the Israel-Hamas war increased demand for gold, which is often seen as a safe-haven asset in times of economic uncertainty and geopolitical strife.

Plus, some may be looking for a safer place to invest their cash, as 41% of the world's population is scheduled to go to the polls in 2024.

Gold prices have jumped 600% since 2000, although — when adjusted for inflation — it is still below Jan. 1980's high of $850 per ounce, or over $3,000 in modern dollars.

Since October alone, prices have increased by 16%. Despite gold's current rise, long-term expectations are more unclear.