Gold prices surged to a record high for the seventh consecutive session, driven by both central bank acquisitions and geopolitical tensions, on Monday. Despite robust economic indicators, the appeal of bullion remained strong.

At 11:54 a.m. ET (1554 GMT), spot gold retreated slightly by 0.1% to $2,326.19 per ounce after reaching an all-time peak of $2,353.79 earlier in the day. Meanwhile, U.S. gold futures remained stable at $2,344.80.

In March, China’s central bank disclosed an addition of 160,000 troy ounces of gold to its reserves. Alongside, countries including Turkey, India, Kazakhstan, and various Eastern European nations have also engaged in gold purchases throughout the year.

“The gold and silver market continues its relentless climb. Last week, gold prices surged by another 5%, reaching record highs at $2,350 per ounce, while silver hit a two-year peak, driven by geopolitical uncertainty. However, on Friday, precious metals experienced a slight dip in early trading due to better-than-expected U.S. job data and a recovery in the dollar index. Yet, escalating tensions between Israel and Iran buoyed safe-haven demand for precious metals. Geopolitical uncertainties and hopes for rate cuts are expected to sustain the upward trajectory of gold and silver prices in the coming sessions. Gold could potentially test $2,355, and silver may reach $29 per troy ounce. Gold finds support levels at $2,298-$2,278, with resistance at $2,331-$2,348, while silver’s support lies at $27.05-$26.80 and resistance at $27.40-$27.55,” said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.

Silver prices surged by 0.7% to reach $27.68, marking its highest level in almost three years.