Gold traders and investors are acutely aware of the dynamic impact that tomorrow’s CPI report will have on multiple financial sectors, including gold prices.

Chairman Powell along with other Fed officials has been conveying a unified narrative, that inflation is “not far” from where it needs to be for the central bank to pivot from a restrictive policy to its first rate cut.

Gold prices continue to advance trading to a new record close today with one notable exception: gains over the last two days have been primarily driven by dollar weakness rather than buying.