The Federal Reserve chairman has helped steer the nation from the depths of the Covid pandemic, surging inflation, an oil-price shock and a regional banking crisis into a growth story the Economist last month called "the envy of the world.

Data earlier this week showed inflation by the Fed's targeted measure running at 2.1% in September, just a notch above its 2% goal, though sticky underlying price pressures are expected to keep U.S. central bankers wary of declaring victory too early.

The Fed rate cut could have a big impact on gold prices this week, but that impact may not be what you'd expect.