Gold prices hit a new record high, supported by U.S. inflation data that strengthened bets on interest rate cuts this year and boosted ongoing geopolitical and economic uncertainty, which has fueled demand for safe-haven assets. Spot gold rose 0.8% to $4,631.19 per ounce after hitting an all-time high of $4,634.33 earlier in the session. U.S. gold futures for February delivery climbed 0.6% to $4,641.30. The U.S. core Consumer Price Index (CPI) rose 0.2% month-on-month in December, missing analysts' forecasts of 0.3%. On a yearly basis, the figure eased to 2.6% from the 2.7% that analysts had predicted. Non-yielding assets tend to rise when interest rates fall and during periods of geopolitical or economic uncertainty. For other precious metals, silver surged 4.7% in spot trading to $88.95 per ounce after hitting a record high of $89.10 earlier in the session. Platinum rose 1.9% to $2,387.35, while palladium gained 1.9% to $1,875.35 per ounce. Silver prices also reached new highs.
