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Wall Street investment bank %GoldmanSachs (NYSE: $GS ) has raised its price target on %Gold as its price hits an all-time high.

Goldman Sachs has lifted its price target on gold this year to $3,300 U.S. an ounce, up 6% from $3,100 U.S. previously.

The upgrade comes as the price of gold trades at a record high of $3,110.30 U.S. per ounce, the first time that bullion has risen above the level of $3,100 U.S.

Earlier in March, gold’s price rose above $3,000 U.S. an ounce for the first time, boosted by economic uncertainty over trade tariffs and signs of an economic slowdown in America.

Gold’s price is up more than 35% over the past 12 months.

Looking ahead, Goldman Sachs says the price of bullion should continue to rise as investors seek safety from the current volatility in equity markets.

Gold should also benefit from increased buying of the precious metal among central banks amid ongoing geopolitical turmoil.

The investment bank also notes that there has been a sizable increase in money flowing into gold exchange-traded funds (ETFs) in recent weeks as nervous investors trade out of stocks.

Gold is also being buoyed by expectations for two interest rate cuts in the U.S. this year. Lower interest rates reduce the opportunity cost of owning gold.

Goldman Sachs isn’t the only Wall Street firm that is bullish on gold.

%BankofAmerica (NYSE: $BAC ) just raised its gold price target for this year to $3,500 U.S. from $3,000 U.S., also citing central bank buying and ETF demand.