Gold, silver hit record highs on Fed rate-cut bets

Gold and silver prices surged to record levels on Fed rate-cut bets

Gold and silver prices surged to record levels on Wednesday as markets increasingly priced in a potential US Federal Reserve interest rate cut next year.

February 2026 gold futures rose 0.2%, or $9.7, to $4,515.4 an ounce, after touching $4,555.1, the highest level ever for the most actively traded contracts. March 2026 silver futures climbed 1.45% to $72.175 an ounce, after peaking at $72.75, setting a new record.

Spot gold added 0.15% to $4,493.48 an ounce, after earlier hitting $4,525.19. Spot silver gained over 1% to $72.148, following a record $72.7.

The US dollar index, which tracks the greenback against a basket of six major currencies, fell 0.15% to 97.82 at 09:30 a.m. Mecca time.

Platinum prices jumped 1.75% to $2,332.15, after reaching $2,377.5, while palladium surged 4.35% to $1,938.10, its highest in three years, Reuters reported.

Gold has gained more than 70% this year, marking its biggest annual rise since 1979. Silver climbed over 150%, platinum roughly 160%, and palladium more than 100%.