Gold maintains its gains near its highest levels and silver exceeds the $90 barrier

Gold rose today, approaching the record levels it recorded in the previous session, while silver recorded its highest level ever, exceeding $90 per ounce, as US inflation readings that were weaker than expected reinforced bets on lowering interest rates.

Gold increased in instant transactions by 0.6 percent, reaching levels of $4,615.85 per ounce by 02:11 GMT.

Gold reached a record level of $4,634.33 yesterday, Tuesday.

US gold futures for February delivery rose 0.5 percent to $4,624.

The US consumer price index rose 0.2 percent on a monthly basis and 2.6 percent on an annual basis in December, supported by higher rent and food costs.

The rise came in light of the decline in the impact of some distortions related to the government closure that had reduced inflation in November, but it is still lower than analysts’ expectations for an increase of 0.3 percent and 2.7 percent, respectively.

US President Donald Trump also welcomed the inflation numbers, reiterating his pressure on Federal Reserve Chairman Jerome Powell to lower interest rates.

Investors and major brokerage firms such as Goldman Sachs and Morgan Stanley expect two interest rate cuts of 25 basis points each this year, with the earliest reduction being in June.

On the geopolitical level, Trump on Tuesday urged Iranians to continue protesting, saying that “help is on the way” to them, amid the largest protests Iran has witnessed in years.

As for other precious metals, silver rose in spot transactions, exceeding $90 per ounce for the first time.

Platinum rose 3.5 percent to $2,405.30, the highest level in one week, after hitting a record high of $2,478.50 on December 29.

Palladium increased by 1.8 percent to $1,873.