Gold Hits New Record as Silver Tops $90 After Softer U.S. Inflation

Overview

• Spot gold rose about 1% to $4,633 an ounce after setting a session record near $4,639, while silver jumped to $90.59.
• Core U.S. CPI increased 0.2% month over month and 2.6% year over year, undershooting forecasts as markets price in two 25-basis-point cuts in 2026, with the first expected in June.
• Safe-haven demand also reflects concern over Federal Reserve independence after Jerome Powell disclosed Department of Justice subpoenas and possible charges tied to the Fed’s headquarters remodel.
• Investment flows remain robust, with World Gold Council data showing investment up about 87% last year, led by ETFs, and a seventh consecutive month of global ETF inflows in December.
• Analysts raised targets, with Scotiabank highlighting $4,700–$4,800 near term and ANZ expecting gold above $5,000 in the first half of 2026, while silver watchers eye the $100 level and its reported market value around $4.99 trillion surpassing Nvidia.