New Delhi, Feb. 11 -- Both gold and silver prices edged higher on Wednesday, February 11, after a downward rally on Tuesday, amid expectations of a US Fed rate cut.

Spot gold traded marginally higher at $5,065 per ounce, while spot silver surged 1.16% to $81.32 per ounce during the Asian trading hours on February 11.

Gold prices remained nearly 11% below their record high price of %5,608.35, reached on January 29. Silver prices are around 50% away from their all-time high price of $121.67 per ounce.

According to a Bloomberg report, consumer spending unexpectedly flatlined in December, highlighting concerns over the rising cost of living and setting the stage for a delayed and closely watched January employment report due on Wednesday....