Gold Hovers Near Record and Platinum Extends Rally After CPI

Gold traded near a record and platinum extended a breakneck rally that saw it surge close to $2,000 an ounce after softer-than-expected US inflation data.

The core US consumer prices index unexpectedly rose at the slowest pace since early 2021, supporting bets that the Federal Reserve will cut interest rates further. The Fed delivered its third straight rate cut last week — a tailwind for precious metals, which don’t pay interest — but has been ambiguous about the pace of monetary easing into 2026. Traders are assigning a roughly 25% chance of a reduction in January and almost fully pricing one by April.