NEW YORK: Silver prices briefly surpassed USD66 an ounce to a record high on Wednesday, while gold firmed, as hopes of rate cuts by the US Federal Reserve were renewed after signs of a weaker labour market, and as escalating US-Venezuela tensions boosted safe-haven demand. Spot silver rose 2.8 percent to USD65.55 an ounce, after touching an all-time high of USD66.52 earlier in the session. “Silver is pulling gold up with it ... there is some rotational money going out of gold and into silver, platinum and palladium,” said Marex analyst Edward Meir. “USD70/oz (for silver) looks to be the next logical target in the short-term.” Spot gold gained 0.8 percent to USD4,335.64 an ounce by 09:38 a.m ET (14:38 GMT), after rising over 1percent earlier in the session. US gold futures were also 0.8 percent up at USD4,367.10. Silver is up 126 percent this year, outpacing gold, which has notched a 65percent annual rise. On Tuesday, data showed a stronger-than-expected increase of 64,000 jobs in the US last month, but the unemployment rate rose to 4.6percent, its highest level since September 2021. Weakness in the labour market could increase the likelihood of rate cuts, which in turn is beneficial for non-yielding assets like gold. “Markets continue to see the Federal Reserve cutting its interest rates two times during the first part of 2026, which could continue to support gold over that period,” said Bas Kooijman, CEO and asset manager of DHF Capital S.A. Last week, the US Federal Reserve delivered its third and final quarter-point rate cut of the year. Investors are now pricing in two 25-basis-point cuts in 2026. Market now awaits November’s Consumer Price Index due on Thursday, and Personal Consumption Expenditures price index on Friday. US President Donald Trump ordered a “blockade” of all sanctioned oil tankers entering and leaving Venezuela, in Washington’s latest move to increase pressure on Nicolas Maduro’s government, adding to safe-haven demand. Platinum was up 2.3 percent at USD1,892.60, its highest in more than 17 years. Palladium added nearly 1percent to USD1,618.44, touching its highest level since February 2023.