Gold held a record high as investors positioned for US inflation data that could help shape the Federal Reserve’s outlook on interest rates.

Bullion was little changed after closing at $2,352.78 an ounce in the previous session. Bond traders are growing increasingly bearish ahead of the consumer price index print on Wednesday, while economists surveyed by Bloomberg expect the reading to show some signs of easing price pressures. That would benefit gold, which doesn’t doesn’t pay interest.