PRECIOUS-Silver scales record high as gold gains to hit seven-week peak

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Silver hit record high at $64.64/oz

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Platinum climbs to 14-year peak

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Non-farm payrolls data due on December 16

(Updates for AMERS morning session)

By Sarah Qureshi

Dec 12 (Reuters) - Silver hit a record high on Friday as gold prices rose more than 1% to hover at a seven-week peak, spurred by a softer dollar and this week's Federal Reserve interest rate cut.

Spot gold was up 0.6% to $4,308.43 per ounce by 1028 a.m. ET (1528 GMT) and was on track for a 2.7% weekly gain after earlier rising 1% to hit its highest level since October 21.

U.S. gold futures added 1.5% to $4,376.60.

Spot silver rose 0.8% to $63.03 per ounce, after hitting a new record high of $64.64/oz. The metal is up nearly 6.9% for the week.

"The strong price move in silver has prompted the same to occur in gold," said Jim Wyckoff, senior analyst at Kitco Metals.

A weaker dollar and safe-haven demand driven by geopolitical uncertainty are also bullish for precious metals, he added.

The U.S. dollar held near a six-week low, making greenback-priced gold more affordable for foreign buyers.

The U.S. Federal Reserve this week announced its third and final quarter-point rate cut this year, but signalled caution on further cuts until more data emerges.

Investors are pricing in two rate cuts next year, and are awaiting next week's U.S. non-farm payrolls report for further cues on the Fed's policy path.

Non-yielding gold tends to do well in a low-interest rate environment.

Elsewhere, the U.S. is preparing to intercept more ships carrying Venezuelan oil after seizing a tanker this week, as Washington increases pressure on President Nicolas Maduro, sources told Reuters.

Meanwhile, silver has gained 118% this year, spurred by tightening inventories, sustained industrial demand and its inclusion on the U.S. critical minerals list.

"The price increase has become excessive, which calls for caution. In the longer term, the fundamental outlook for silver remains positive," due to forecasted increases in industrial demand, CMZ said in a note.

Platinum was up 2.4% at $1,735.50, reaching its highest level since September 2011. Palladium climbed 0.5% to $1,491.25. Both were headed for a weekly rise.

(Reporting by Sarah Qureshi in Bengaluru; Editing by Alexander Smith)