Gold hit new highs on Tuesday as investors continue to bet that major central banks will start cutting interest rates this year.

On Tuesday morning gold futures (GC=F) reached a high of $2,150.50 after April contracts settled at a record $2,126.30 per ounce in the prior session.

Tuesday’s intraday spot gold touched a record of $2,141.79 per ounce before paring back gains.

The precious metal is considered a safe haven during times of geopolitical tensions and when interest rates decrease. While the timing of the first Fed rate cut is uncertain, investors expect the Federal Reserve to begin cutting rates in June, while Europe is also expected to do the same this year.

“We’ve got a perfect storm brewing in the gold market,” Phillip Streible, chief market strategist at Blue Line Futures, noting prices have risen by about $150 since mid-February.

The possibility of more regional bank turmoil following New York Community Bankcorp’s woes has also helped lift prices in the past several sessions amid expectations that Fed officials will swoop in to save the sector, says Streible.

“If you do have some kind of bank failure, some kind of regional bank risk, you’re going to see it pull forward those [rate] cut expectations by the Fed, and they’ll end up making those cuts a little bit sooner,” he said.

One potential wrench that could delay a further rally would be if Friday’s jobs report comes in hotter than expected, making a case for Fed officials to push back expected rate cuts.