* Fed minutes due on Wednesday

* Gold scales an all-time peak at $2,449.89 per ounce

* Silver hits highest level since 2012

May 20 (Reuters) - Gold prices touched a record high on Monday as recent economic data boosted bets for interest rate cuts by the U.S. Federal Reserve, while silver followed suit and surged to a more than 11-year high.

Spot gold rose 1% to $2,438.41 per ounce, as of 0852 GMT, after hitting a record high of $2,449.89 earlier in the session. U.S. gold futures rose 1% to $2,442.50.

"Gold's ascent to fresh all-time peaks was likely fuelled by restored bets for Fed rate cuts, following last week's cooling U.S. inflation data. It may also be benefiting from the spillover of the surge in the broader metals complex," said Han Tan, chief market analyst at Exinity Group.

Data showed that U.S. consumer prices increased less than expected in April, suggesting that inflation resumed its downward trend in a boost to expectations for a September interest rate cut.

Lower rates reduce the opportunity cost of holding non-yielding bullion, which also benefits from uncertainty in the market.

"Gold's spike to a new record high is less likely due to rising safe-haven demand, despite the headlines out of Iran. Most traditional safe havens are little changed so far today," Tan added.

Iranian President Ebrahim Raisi, a hardliner seen as a potential successor to Supreme Leader Ayatollah Ali Khamenei, was killed in a helicopter crash.

Meanwhile, a key consumer of gold and other industrial metals, China announced on Friday "historic" steps to stabilise its crisis-hit property sector.

Spot silver rose 1.2% to $31.86 after hitting an over 11-year high.

"On silver, its dual characteristics as industrial and precious is finally getting more attention. Transition to clean energy should continue to see a greater role in the use of silver," analysts at OCBC wrote in a note.

Platinum rose 0.3% to $1,083.68, after hitting its highest since May 2023. Palladium gained 1.1% to $1,019.50.

"Platinum is trading at premium over palladium with rising inflows of exchange traded funds," ANZ said in a note.

(Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Sohini Goswami)