Gold prices jumped over 2% on Tuesday to firm above the key $1,700 per ounce level, boosted by a fall in the dollar and bond yields and technical buying, while market focus remained on U.S. inflation data later this week.

Spot gold rose 2.2% to $1,711.87 per ounce Tuesday afternoon, its highest level since Oct. 7. U.S. gold futures climbed 2.08% to $1,715.1.

“There appears to have been a big risk-on move which has powered stocks higher and sent the dollar lower on the day, lifting precious metals in turn,” OANDA analyst Craig Erlam said.

“Gold has also broken through $1,680 and then $1,700 and the break of those technical levels could providing an additional boost.”

The dollar index fell 0.5% to a near two-week low against its rivals, making bullion more appealing for other currency holders. U.S. Treasury yields also crept lower.

Data on the U.S. consumer price index (CPI) is due on Thursday, with economists forecasting a decline in both the monthly and yearly core numbers to 0.5% and 6.5%, respectively.

“If we do see inflation has continued to slowly tick down that will bode well for markets in general with the expectations of less Fed rate hikes moving forward,” said David Meger, director of metals trading at High Ridge Futures.

Traders have priced in a 67% chance of a 50 basis-point rate hike in December, and a 33% probability of a 75-bps increase.

Although gold is seen as an inflation hedge, higher interest rates raise the opportunity cost of holding bullion.

Market participants are also focused on Tuesday’s U.S. midterm elections.

Other metals latched on to gold’s run, with silver rising 2.73% to $21.337 per ounce, its highest since late June. Platinum rose 1.9% to $997.96, and palladium gained 1% to $1,915.64.