Gold rises, silver tops $66 on US inflation watch

February 2026 gold futures rose 0.8% to $4,366.5 an ounce

Gold prices climbed, and silver hit a new record on Wednesday as investors awaited key US inflation data this week, following reports showing a rise in the US unemployment rate, which fueled expectations of rate cuts next year.

February 2026 gold futures rose 0.8%, or $34.2, to $4,366.5 an ounce, after touching $4,373.6.

March 2026 silver futures jumped 4.6% to $66.25 an ounce after reaching an all-time high of $66.65.

Spot gold added 0.6% to $4,327.98 an ounce, while spot silver rose about 3.5% to $65.99 an ounce.

The US dollar index, which measures the currency against a basket of six major currencies, gained 0.3% to 98.44 points at 09:18 a.m. Mecca time.

Spot platinum advanced 3.45% to $1,909.12, and palladium edged up 0.2% to $1,606.05.

The gains followed data showing US unemployment rising to 4.6% in November, above the Reuters survey estimate of 4.4%.

Investors now await the US Consumer Price Index on Thursday and the Fed’s preferred inflation gauge on Friday.