February Gold futures reached a new all-time high of 4,409.50 during the session, marking its first record in nine weeks. The market experienced volatility following the release of November CPI data, which showed headline inflation at 2.7% year-over-year, coming in below the 3.1% forecast. While slowing inflation reduced demand for gold as a hedge, the data increased expectations for potential rate cuts. Prices were further supported by declining Treasury yields as global central banks diverged from the U.S. stance, with the Bank of England delivering a rate cut and the Bank of Japan expected to hike rates. Gold is currently on track for its second consecutive weekly gain.