Silver tops $90/oz as gold rallies and oil climbs

Silver surpassed $90 per ounce for the first time as gold reached record highs, while oil prices rose amid concerns over Iranian supply and expectations of US rate cuts.

Silver topped $90 per ounce for the first time on Wednesday, joining gold in a fresh rally while oil prices also rose. Traders attributed the moves to heightened tensions involving Iran and to concerns about the independence of the US Federal Reserve. Softer US inflation data increased speculation that interest rates could be eased later in the year. These factors combined to boost demand for safe-haven assets and to influence energy market sentiment. Key facts: - Silver rose above $90 per ounce and reached as high as $92.158 an ounce; it was reported at $91.685 per ounce, up 6.2%. - Gold contracts on COMEX hit a record high of $4,649.70 per ounce earlier and were reported at $4,643.10 per ounce, up 1%. - Oil prices extended gains for a fifth consecutive session; West Texas Intermediate was reported at $61.70 per barrel and Brent at $66.08, with concerns over possible disruptions to Iranian supply and an API report showing rising US crude inventories. Summary: Safe-haven buying tied to geopolitical tensions and questions about Fed independence lifted precious metals to new highs while oil rose on supply concerns. Softer US inflation figures supported expectations of interest-rate reductions. Traders are awaiting official US Energy Information Administration inventory figures due later in the day.