Gold hit its all-time high and appeared to head even higher Tuesday morning as an emboldened marketplace estimated the likelihood of a September interest rate cut at 100%.

The yellow metal was trading at $2,458 per ounce late Tuesday morning, up $35.59 and gaining nearly 1.5% on the day so far. The figure shattered gold’s previous all-time high on May 20 when it traded at $2,450.05 per ounce.

Silver, meanwhile, was also buoyed by Wall Street confidence in interest rate relief, trading up $0.68 at $31.31 per ounce – a gain of more than 2% on the day.

Gold got a major shot in the arm on Monday when Federal Reserve Chairman Jerome Powell told the Economic Club in Washington that the central bank won’t wait until inflation hits 2% to cut interest rates.

“The implication of that is that if you wait until inflation gets all the way down to 2%, you’ve probably waited too long because the tightening that you’re doing, or the level of tightness that you have, is still having effects which will probably drive inflation below 2%,” Powell said. 

Powell’s remarks prompted optimistic traders to figure a 100% likelihood that the Fed would move to cut interest rates when policymakers meet in September, per the CME FedWatch Tool. 

After hitting its (first) record high in May, gold seemed to be on a rollercoaster ride through the month of June as the prospect of rate cuts became less certain. 

But gold prices began their climb back earlier this month on a slew of economic data that showed a U.S. economy on shakier ground than many thought – including data showing that job creation among private employers slowed for a third straight month in June and, and an unexpected rise in the unemployment rate.

With each economic report – and increasingly dovish remarks from the Fed – the prospect of a September rate cut started to become a reality once again. Some investors and banks have even been bold enough to price in a second rate cut by the Fed before the end of the year.