Gold hits new high of $2,250 an ounce

April 1 (UPI) -- The price of gold on Monday hit a new high of $2,250 per ounce.

Financial experts are pointing to inflation and a pause in interest rate increases by the Federal Reserve as reasons why the the price of gold has risen. But opinions are mixed as to whether it will keep going up or remain steady in the coming months.

"I believe that over the next couple of months, gold prices will be flat," Steve Azoury, the head of Azoury Financial, told CBS News.

Other experts predict the price will rise further. From 1987 to 1988, the price of gold bounced from roughly $300 an ounce to just under $500 an ounce.

"Gold will continue to stay very high over the next year and possibly trade higher during the next couple of years," said Alex Ebkarian of Allegiance Gold.

The price of gold landed at an all-time high at the end of last year, at $2,135.39 an ounce, according to JPMorgan, which said interest rate cuts will be a large factor behind the price of gold, with a higher 2025 price point expected to reach $2,300 an ounce.

At a recent investing conference, Jonathan Awde, president and CEO of mining company Dakota Gold, said he believed "the U.S. dollar will also get ahead and historically has an inverse relationship with gold."

"The setup is there and I think it's a really interesting time to be looking at gold if you currently have no exposure," he said.