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Gold, silver hit record highs as inflation data cements Fed rate cut bets
Gold hit a record high on Tuesday, as U.S. inflation data cemented bets on Federal Reserve rate cuts this year and persistent geopolitical and economic uncertainties drove safe-haven demand, while silver also hit a fresh peak. Spot gold steadied at $4,591.49 per ounce as of 01:31 p.m. ET (1831 GMT), following a record high of $4,634.33 earlier in the session. U.S. gold futures for February settled 0.3% lower at $4,599.10. "The reason for the slightly positive tone across the board in the markets was the benign CPI data (which) portends a higher likelihood of Fed rate cuts in the future," said David Meger, director ... (full story)
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