Spot gold prices have surged to a record high of $2,555, driven by a mix of economic factors including a slight increase in US jobless claims, revised PPI data, and the European Central Bank cutting rates by 25 basis points. US inflation data showed a 0.3% rise in the core consumer price index from July, which tempered expectations for aggressive Federal Reserve rate cuts. Despite a brief decline, gold prices remain robust, supported by central bank buying and strong demand. Silver has also gained, benefiting from industrial demand and expectations of lower rates. Investors are closely watching upcoming US economic data, which could further influence gold's trajectory.