Gold near record-highs on Fed rate cut bets; silver cracks $90

Gold climbed on Wednesday to near a record peak set in the previous session, while silver surpassed the never-before-seen $90 mark, as softer-than-expected US inflation readings cemented bets on interest rate cuts ahead amid ongoing geopolitical uncertainty. Spot gold rose 0.9% to $4,627.95 per ounce as of 0406 GMT, having hit a record high of $4,634.33 on Tuesday. US gold futures for February delivery rose 0.8% to $4,635.60. Spot silver jumped 4.6% to $90.95 per ounce after breaching $90 for the first time, having shot up nearly 28% already this year. “The data has been positive, inflation rate (came in) lower, unemployment rate was also lower in the US so, these are the indicators that have further driven precious metals up,” said GoldSilver Central managing director Brian Lan.