Khaberni - Gold rose on Wednesday, nearing the record levels recorded in the previous session, while silver reached its all-time high, surpassing 90 dollars per ounce, as weaker-than-expected U.S. inflation readings bolstered bets on interest rate cuts.
Gold in spot transactions increased by 0.6% to touch levels of 4615.85 dollars per ounce by 02:11 GMT. Gold had reached a record level of 4634.33 dollars on Tuesday.
U.S. futures for gold for February delivery climbed by 0.5% to 4624 dollars.
The U.S. Consumer Price Index rose by 0.2% on a monthly basis and2.6% on an annual basis in December, bolstered by rising rental and food costs.
The rise comes amid a decrease in the impact of some distortions related to the government shutdown that had reduced inflation in November, but it is still below analysts' expectations of increases of 0.3% and2.7% respectively.
U.S. President Donald Trump also welcomed the inflation figures, reiterating his pressure on Federal Reserve Chair Jerome Powell to cut interest rates.
Major investors and brokerage firms like Goldman Sachs and Morgan Stanley expect two interest rate cuts this year, each by 25 basis points, with the first cut expected in June.
On the geopolitical front, Trump urged Iranians on Tuesday to continue protesting, saying "help is on the way" to them amid the largest protests Iran has seen in years.
As for other precious metals, silver in spot transactions rose surpassing 90 dollars per ounce for the first time. Platinum climbed 3.5% to 2405.30 dollars, reaching its highest level in one week, after recording an all-time high of 2478.50 dollars on 29 December. Palladium increased by 1.8% to 1873 dollars.
