Gold prices climbed 1% on Thursday after the U.S. Federal Reserve embarked on an easing cycle by slashing interest rates and powering bullion to all-time highs, coming just a few cents shy of $2,600 in the previous session.

Gold pulled back from a record high after Federal Reserve Chairman Jerome Powell signaled policymakers aren’t in a rush to aggressively lower interest rates following Wednesday’s half percentage point cut by the US central bank.

Sustained demand from investors is also helping to drive the price uptick and will likely play a role in future price growth. As more investors buy gold to capitalize on its upward price trajectory (or gain access to the many other benefits it offers), the price of gold is likely to climb.