Gold price today, Jan. 14 -- Gold rates hovered near record high, while silver jumped more than 2% to hit its fresh high on the MCX in morning trade on Wednesday, January 14, as softer US inflation prints fuelled hopes for further rate cuts by the US Fed this year.

MCX gold February futures rose by more than 0.50% to hit a record high of Rs.1,43,017 per 10 grams, while MCX silver March futures jumped more than 3% to their record high of Rs.2,83,598 per kg.

As news agency Reuters reported, the US core Consumer Price Index (CPI) increased by 0.2% month-on-month and 2.6% year-on-year in December, falling short of analysts' expectations of a 0.3% and 2.7% rise, respectively.

The latest inflation prints and mixed jobs market trends supporte...