Gold prices climbed above $4,610 per ounce on Wednesday, attempting to notch a fresh record, supported by growing bets on US rate cuts and increased safe-haven demand. December data pointed to a moderation in underlying US inflation, reinforcing the view that price pressures are gradually easing and offering a clearer read after earlier figures were distorted by temporary shutdown effects. In response, rate futures showed investors split between expectations of two or three Federal Reserve rate cuts this year, exceeding policymakers’ median projection of just one. Meanwhile, haven demand strengthened amid renewed concerns over the Fed's independence after US prosecutors launched a criminal probe linked to Chair Powell’s June testimony. Geopolitical risks also remained elevated, with markets closely monitoring potential US involvement in Iran’s political unrest following repeated warnings of possible military action.