Market participants are waiting for the CPI (Consumer Price Index) report which will be released tomorrow. According to economists polled by the Wall Street Journal, the report will reveal that headline inflation increased by 0.6% last month.

Gold futures opened at $1943.80 then rose to $1954 in one hour beginning at 9 o’clock EDT. This rise was not sustainable with gold giving back those gains and trading to a low of $1940 before slightly recovering.

Back at the beginning of 2022, the dollar index fell to a low at around 99 points. After hitting those lows, the dollar entered a trend with an upward trajectory which concluded at a recent record high just above 114 points on September 28, 2022.