Gold climbed to a two-month high on Wednesday, while silver outpaced it after a tame reading of US inflation eased pressure on the Federal Reserve to raise interest rates as soon as next month.

Comex December gold touched $4,502.70 an ounce, the highest level for the most-active contract since mid-June, and was trading at $4,473.00 for a gain of 0.7% by early afternoon in New York, The Caspian Post reports, citing Mining.com.

Spot gold rose as much as 1.6% to $4,438.20 and was 1.2% higher at $4,422.34 as of 11 a.m. in New York, extending Tuesday’s advance to a two-month high, with central bank buying led by China underpinning the recovery.

Comex September silver climbed as much as 3.2% to $66.98 an ounce, also reaching its highest level since June, and held a 0.9% gain at $65.54. Spot silver added 2.4% to $66.25.

The white metal is down about 8% in 2026, reflecting the hangover from January’s futures squeeze and the war-driven collapse that followed, even as the market is expected to remain in deficit through the year. Platinum rose 0.9% to $1,771.30, while palladium gained 0.3% to $1,374 an ounce.