Gold surged to a record ​high, with silver rising in its wake, on Wednesday as geopolitical and economic uncertainties drove investors ⁠toward safe-haven assets, while expectations of Federal Reserve rate cuts added further momentum.

Spot gold was 1.1% ⁠higher at $4,635.99 ‌per ounce by 09:04 a.m. ET (1404 GMT), after earlier hitting a record high of $4,641.40.

U.S. gold futures for February delivery rose 1% to $4,644.30.

"All ⁠roads are leading to gold and silver," said Alex Ebkarian, COO at Allegiance Gold, citing demand from diverse buyers and noting the market is in a structural bull phase.

Gold, which does not yield interest, typically performs well in ⁠periods of low interest rates ​and heightened uncertainty.

Iran warned neighbours hosting U.S. troops it would strike American bases if Washington intervenes over protests ‍in the country, while Danish and Greenlandic ministers will meet U.S. Vice President JD Vance after President ​Donald Trump renewed demands for U.S. control of Greenland.

Meanwhile, data showed U.S. retail sales rose above expectations in November, while PPI met monthly forecasts but exceeded annual estimates, following weaker-than-expected December core CPI figures released on Tuesday. Traders continued to anticipate two interest rate cuts this year.

Concerns over Fed independence remained, as central bank chiefs from around the world lined up in support of Fed chair Jerome Powell on Tuesday, after the Trump administration threatened him with a criminal indictment.

Spot silver was up 5.7% to $91.87 per ⁠ounce, after scaling a record high of $92.23.

"We anticipate ‌some volatility, but I see silver at $100 as no different than at $90. Our short-term forecast is between $100 to $144," Ebkarian said, adding that metals are likely to maintain ‌their upward trend ⁠through the first quarter.

Spot platinum climbed 3% to $2,394.13 an ounce, palladium rose 0.1% to $1,841.10 ⁠an ounce.

(Reporting by Anmol Choubey in Bengaluru; Editing by Alexander Smith)