Gold hit a record high on Tuesday, as U.S. inflation data cemented bets on Federal Reserve rate cuts this year and persistent geopolitical and economic uncertainties drove safe-haven demand, while silver also hit a fresh peak.

Interest rates are likely to edge lower in 2026 as the Fed weighs inflation, jobs and political pressure. See what forecasts suggest for the year ahead.

At their December 9-10 meeting, Fed officials agreed to cut their key interest rate by a quarter point for the third time this year, to about 3.6%, the lowest in nearly three years.

J.P. Morgan predicts the U.S. Federal Reserve's next move will be a rate hike in 2027, while Barclays and Goldman Sachs joined Morgan Stanley in postponing rate cut calls to mid-2026 as data suggested that the labor market was not rapidly deteriorating.

Investors are expecting two 25-basis-point rate cuts from the Federal Reserve in 2026. JPMorgan now predicts they won't get any.

There's another Federal Reserve meeting on the calendar this month, but will mortgage rates fall once it's over?

U.S. data ⁠showed consumer prices increased in December as the distortions ​related to the government shutdown that had artificially lowered inflation in November unwound, cementing expectations that the Fed would leave ​interest rates unchanged this month.

"Any nominee from U.S. President Trump is likely to have to place additional emphasis on their independence to try and prove they are above politics."