Gold Rises Toward Record as US Inflation Supports Rate-Cut Bets

Underlying inflation in December was not as high as feared, although economists said the data was artificially depressed by the record-long government shutdown late last year. Precious metals have made a strong start to 2026, after blistering rallies last year, with the prospect of a criminal indictment against Federal Reserve Chair Jerome Powell reviving worries about the monetary authority’s independence. Central bankers across the world have rallied behind Powell and JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said the political intervention could backfire.