Gold Surges to Historic Levels
As of 0630GMT Monday, gold climbed roughly 1% to a record $4,633 per ounce, marking a historical peak. Over the past 12 months, the precious metal has surged about 70.7%, driven by trade and geopolitical tensions as well as central bank interest rate cuts.
Silver followed a similar trajectory, gaining 3.1% to $89.53 per ounce on Wednesday. Over the previous year, silver prices have skyrocketed by more than 180%.
On Tuesday, the United States reported that the consumer price index (CPI) increased 0.3% month-over-month and 2.7% year-over-year in December, aligning with analysts’ predictions.
In response to the official inflation data, US President Donald Trump stated that Fed Chair Jerome Powell should reduce interest rates "meaningfully." Trump also criticized Powell, labeling him either “incompetent” or “crooked."
Powell’s tenure as Fed chair is scheduled to conclude this May.
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