Silver prices surpassed $66 an ounce to a record high Wednesday, while gold firmed as hopes of rate cuts by the U.S. Federal Reserve renewed after signs of a weak labor market, and as escalating U.S.-Venezuela tensions boosted safe-haven demand.

Spot silver rose nearly 4% to $66.22 an ounce, after touching an all-time high of $66.88 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.

"$70/oz (for silver) looks to be the next logical target in the short-term."

Spot gold gained 0.7% to $4,334.01 an ounce by 01:56 p.m ET (18:56 GMT), after rising over 1% earlier in the day. U.S. gold futures settled 1% higher at $4,373.9.

Silver is up 129% this year, outpacing gold, which has notched a 65% annual rise.

On Tuesday, data showed a stronger-than-expected increase of 64,000 jobs in the U.S. last month, but the unemployment rate rose to 4.6%, its highest level since September 2021.

Weakness in the labor market could increase the likelihood of rate cuts, and in turn benefit 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 U.S. 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.

U.S. 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 2.2% at $1,890.60, its highest in more than 17 years, while palladium added 2% to $1,635.61.