Gold prices climbed back above the $2,000 level on Tuesday, buoyed by a weaker dollar, while investors looked for more clarity on the U.S. Federal Reserve’s rate hike path.

Spot gold was up 0.5% at $2,003.82 per ounce by 1214 GMT, after hitting a two-week low of $1,981.19 in the previous session. U.S. gold futures were also up 0.5% at $2,016.60.

“Gold’s near-10% year-to-date climb has been largely predicated on its role as a safe haven as markets kept a wary eye over recession and financial instability risks,” said Han Tan, chief market analyst at Exinity.

However, bids for a fresh record high may be curtailed until there is greater certainty to Fed rate cuts later this year, Tan added.

The CME FedWatch tool shows that markets are pricing in an 83.5% chance of a 25-basis-point hike in May, followed by increased expectations of a pause later in the year.

Gold is considered a hedge against inflation and economic uncertainties, but higher interest rates dim the non-yielding bullion’s appeal.

Gold slides below $2,000; market eyes rate hike cues

With the majority of U.S. data over the past few days pointing to an economic slowdown and a weakening dollar, the background influences remain supportive for gold, said StoneX analyst Rhona O’Conell in a note.

Focus will now be on comments from Fed officials this week before they enter a blackout period from April 22, ahead of the central bank’s May 2-3 meeting.

Gold will remain supported if investors remain of the view that the scarring from the banking crisis will lead to tighter credit conditions, said Craig Erlam, senior market analyst at OANDA in a note.

The dollar edged lower, making bullion cheaper for overseas buyers.

Spot silver was flat at $25.10 per ounce, platinum gained 2.6% to $1,075.62, while palladium shot up 3.5% to $1,614.87.