New York: Gold prices shrugged off early weakness on Tuesday, surging to a record high above $4,630 per troy ounce before easing slightly to around $4,610 at the time of writing, extending the precious metal’s ongoing winning streak.

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

By 1450 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 gained 0.6% to $4,641.30 per ounce.

The rally gathered 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.

Elsewhere in the precious metals complex, spot silver jumped 4.7% to $88.95 per ounce, after hitting a record high of $89.10 earlier in the session. Platinum rose 1.9% to $2,387.35 per ounce, while palladium climbed 1.9% to $1,875.35 per ounce.