London’s gold price benchmark hit an all-time high of $2,098.05 per troy ounce at an afternoon auction on Monday, surpassing the previous record of $2,078.40 set on Dec. 28, the London Bullion Market Association (LBMA) said.

LBMA is a leading trade body that certifies gold refiners, allowing them access to London’s bullion market, the world’s largest. The LBMA Gold Price is the global benchmark price for unallocated gold delivered in London.

“Yet again gold reinforces its diversification appeal with the new high reached today,” Ruth Crowell, LMBA chief executive, said in a statement.

In the spot market, gold prices were anchored near a two-month peak on Monday, following last week’s tepid U.S. economic data, which solidified bets for the Federal Reserve’s first interest rate cut of the year in June. Gold scaled a record peak of $2,135.40 in early December.

The precious metal has so far outperformed initial expectations this year. Reuters’ January poll of analysts expected gold to average $2,053.50 per ounce in 2024. The

LBMA’s 2024 forecast survey saw it at $2,059.

“Given gold moved into overbought territory on this rally, a correction lower is possible. A reversion to the previous upward trend would return gold to around $2,050 per ounce,” analysts at Heraeus said in a note.