Ammon News - Gold climbed on Wednesday to hit a record, while silver breached the $90 mark for the first time, as softer-than-expected U.S. inflation readings cemented bets for interest rate cuts amid ongoing geopolitical uncertainty.

Spot gold rose 1% to $4,632.03 per ounce as of 0715 GMT, after hitting a record high of $4,639.42 earlier in the session. U.S. gold futures for February delivery rose 0.9% to $4,639.50.

Spot silver jumped 3.6% to $90.11 per ounce, having shot up nearly 27% so far this year.

"U.S. Consumer Price Index figures showed that inflation remained relatively contained at 2.6% (year-on-year), and risk assets may be hoping for a similarly benign Producer Price Index reading to keep expectations alive for further monetary policy easing," said Tim Waterer, KCM Trade's chief market analyst.

For silver, the next big figure will be the $100 mark, and high two-digit percentage gains for the metal seem likely this year, said GoldSilver Central managing director Brian Lan.

Stocks finished lower Tuesday with the Dow dropping eight tenths of one percent while the S&P 500 and the Nasdaq fell fractionally.

Elsewhere, spot platinum climbed 2.7% to $2,386.60 per ounce, after touching a one-week high. It hit a record $2,478.50/oz on December 29.

Palladium was up 0.8% at $1,854.70 per ounce.

Reuters