Doha: Gold prices climbed as investors anticipated that the US Federal Reserve would lower interest rates at its meeting next week, while silver surged to record levels. Spot gold rose 1 percent to $4,212.16 per ounce, though it remains on track for a weekly loss of 0.4 percent.

According to Qatar News Agency, silver gained 2.6 percent to $58.59, marking a 4 percent increase for the week after hitting a record high of $59.32 earlier in the session. Silver has jumped 98 percent this year, supported by supply shortages and its inclusion on the US list of critical minerals.

Platinum held steady at $1,646.10, while palladium edged up 0.3 percent to $1,453.39. Analysts expect the Federal Reserve to cut interest rates by 25 basis points at its December 9-10 meeting.