(Bloomberg) — Gold traded near a fresh record of $2,353.95 as investors shifted focus to a key US inflation reading later this week.

Bullion resumed its advance after being weighed down higher Treasury yields during early US trading hours as the precious metal pays no interest. It was near the new peak reached earlier as traders assessed where policymakers now stand on the timing of their pivot to lower borrowing costs ahead of Wednesday’s March inflation data. The Federal Reserve expects to cut this year, but needs to see more evidence that inflation is easing first. Higher rates are typically negative for gold.

Bullion remains supported well above $2,300 after notching a series of fresh all-time highs in recent weeks. Yet, the move has left some onlookers puzzled amid a lack of any obvious trigger for the sudden rally that began in mid-February — especially as traders unwound bets for steep rate cuts during that period.

(Kitco News) – Gold prices are higher and hit another record high overnight, with June Comex gold reaching $2,372.50. Silver prices hit a two-year high overnight, with May Comex futures hitting $28.195. Save-haven demand remains a feature in the two precious metals. Fully bullish technical are also fueling speculative buying interest in gold and silver. June gold was last up $13.00 at $2,358.40. May silver was last up $0.382 at $27.885.

Broker SP Angel today in an email dispatch said the gold market rally has “dumfounded” most analysts, given the break from its correlation with U.S. Treasuries, which have sold off over the past month. Also, the U.S. dollar has been stronger and that’s usually bearish for gold and silver. “Central bank buying has been a sustained source of support for gold, with Bloomberg reporting China’s PBOC has added gold for the 17th month in a row,” said the broker, adding this has fueled speculation over a potential devaluation of the Chinese yuan, as well as geopolitical concerns over heightened aggression against Taiwan.

(Kitco News) – Gold prices are solidly higher and hit another record high overnight, with June Comex gold reaching $2,384.50. Silver prices hit a two-year high overnight, with May Comex futures hitting $28.29. More and more traders of all markets are now climbing aboard the bullish gold and silver train, suggesting still more upside price potential in the near term. Save-haven buying remains a feature in both metals. June gold was last up $22.20 at $2,373.20. May silver was last up $0.308 at $28.115. Gold is presently outperforming the S&P 500 so far this year.

Asian and European stock indexes were mostly firmer overnight. U.S. stock indexes are pointed toward steady to firmer openings when the New York day session begins. It’s a quieter U.S. data day again Tuesday but the pace picks up Wednesday. The releases of the March consumer price index and the minutes of the last FOMC meeting will come at mid-week. The March CPI is seen coming in at up 3.4%, year-on-year. The core CPI, excluding food and energy, is seen at up 3.7% annually. Thursday comes the U.S. March producer price index and the European Central Bank monetary policy meeting.

The key outside markets today see the U.S. dollar index slightly lower. Nymex crude oil prices are slightly up and trading around $86.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently fetching 4.4%.

U.S. economic data due for release Tuesday includes the weekly Johnson Redbook retail sales report, the NFIB small business index, and the RCM/TIPP economic optimism index.