Gold surges to record high above $4,630 amid strong rally

Rally defies strong dollar and yields

The rally gained momentum despite firm gains in the US dollar and rising US Treasury yields following the release of US Consumer Price Index (CPI) data, highlighting gold’s resilience amid shifting market dynamics.

Market performance

By 14:50 GMT, spot gold was up 0.8% at $4,631.19 per ounce, after touching an all-time high of $4,634.33 earlier in the session. US gold futures for February delivery rose 0.6% to $4,641.30 per ounce.

Other precious metals

Silver surged 4.7% to $88.95 per ounce after hitting a record high of $89.10. Platinum gained 1.9% to $2,387.35 per ounce, while palladium climbed 1.9% to $1,875.35 per ounce.