Gold hit record high of $4,634.33/oz on TuesdaySilver crosses $90 mark for first time, with new high of $91.53
Silver up nearly 28% in first 2 weeks of 2026
Updates for Asia morning trade
By Ishaan Arora
Jan 14 (Reuters) - 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 U.S. inflation readings cemented bets on interest rate cuts ahead amid ongoing geopolitical uncertainty.
Spot gold XAU= rose 0.9% to $4,627.95 per ounce as of 0406 GMT, having hit a record high of $4,634.33 on Tuesday. U.S. gold futures GCcv1 for February delivery rose 0.8% to $4,635.60.
Spot silver XAG= 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 U.S. so, these are the indicators that have further driven precious metals up," said GoldSilver Central managing director Brian Lan.
Lan added that the next big figure for silver was the $100 mark and high two-digit percentage gains for the metal seem likely this year.
The U.S. core Consumer Price Index rose 0.2% month-on-month and 2.6% year-on-year in December, falling short of analysts' expectations of a 0.3% and 2.7% increase, respectively.
U.S. President Donald Trump welcomed the inflation figures, reiterating his push for the U.S. Federal Reserve chair Jerome Powell to cut interest rates "meaningfully."
Global central bank chiefs and top Wall Street bank CEOs lined up in support of Powell on Tuesday after news of the Trump administration's decision to investigate him drew condemnation from former Fed chiefs as well.
Analysts say worries around Fed independence and trust in U.S. assets added to safe-haven demand for the yellow metal.
Investors expect two 25-basis-point rate cuts this year, with the earliest in June. FEDWATCH
Non-yielding assets tend to do well in a low-interest-rate environment and during geopolitical or economic uncertainty.
Trump meanwhile urged Iranians to keep protesting, saying 'help is on its way', as Iran saw its biggest demonstrations in years.
Elsewhere, spot platinum XPT= climbed 4.7% to $2,432.80 per ounce, a one-week high. It hit a record $2,478.50/oz on December 29.
Palladium XPD= was up 3.7% at $1,910.08 per ounce.
(Reporting by Ishaan Arora; Editing by Rashmi Aich)
((Ishaan.Arora@thomsonreuters.com;))
