Gold climbed to another record high on Wednesday as investors continued to pile into the traditional safe haven, spurred by the start of the Federal Reserve's rate-cutting cycle as well as economic and geopolitical uncertainty.

Silver rose to its highest level in nearly 12 years on Thursday, riding the coattails of gold's rally to record peaks as interest rate cuts by major central banks fuelled investment interest in precious metals.

Gold prices continued their run-up on Thursday, with the front-month contract rising for the seventh straight session to yet another record-high, but silver has been riding gold's coattails and its YTD gains have now surpassed the yellow metal.

On Thursday, silver hit $32.43 an ounce, its highest price since 2012. The metal is up 35% so far this year. That beats a 30% rally for gold, which has been trading at all-time hi