Spot gold was up 1% at $4,132.76 per ounce after dropping to a near two-week low in the previous session

Gold prices rose over 1% on Thursday after two consecutive sessions of losses, as renewed geopolitical risks bolstered safe-haven demand.

Spot gold was up 1% at $4,132.76 per ounce, as of 1748 GMT, after dropping to a near two-week low in the previous session.

U.S. gold futures for December delivery settled 2% higher at $4,145.60 per ounce.

Prices hit a record high of $4,381.21 on Monday, but logged their sharpest decline in five years in the following session.

All the fundamental factors that have driven gold higher this year remain very much in place. There was some opportunistic buying on the dip and perhaps some uptick in trade and geopolitical tensions that are fostering today’s bid, said Peter Grant, vice president and senior metals strategist at Zaner Metals.

Gold, a non-yielding asset, tends to benefit in low-interest-rate environments.

Gold prices have risen almost 57% this year, driven by geopolitical tensions, economic uncertainty, expectations of rate cuts, and sustained central bank buying.

Meanwhile, U.S. President Donald Trump on Wednesday imposed Ukraine-related sanctions on Russia for the first time in his second term, targeting oil companies Lukoil and Rosneft.

The country’s administration is also considering a plan to restrict a broad range of software-driven exports to China, in response to Beijing’s latest curbs on rare-earth exports.

Focus now turns to Friday’s U.S. consumer price index report, potentially the central bank’s clearest inflation signal ahead of next week’s policy meeting. The data is expected to show that core inflation held at 3.1% in September.

Markets have already priced in a 25-basis-point rate cut, with another rate cut in December.