* Markets expect 65% chance of US rate cut by September

* Silver scales highest since Dec 2012

* Platinum hits its highest levels since May 12, 2023

* Fed minutes due on Wednesday

May 20 (Reuters) - Gold prices hit an all-time high on Monday as a slowing U.S. inflation trend boosted expectations that the Federal Reserve could deliver its first interest rate cut soon, while silver scaled a more than 11-year peak.

Spot gold was up 0.9% at $2,436.76 per ounce, as of 0340 GMT after hitting a record high of $2440.49 earlier in the session.

U.S. gold futures rose 1% at $2,440.60.

The main driver for gold is that there is a soft U.S. dollar and sentiment is being boosted on the basis that the Federal Reserve is expected to cut rates soon, said Kyle Rodda, a financial market analyst at Capital.com. The dollar index> remained subdued, making greenback-priced bullion more attractive to buyers holding other currencies. Data last week showed signs of cooling inflation and traders now expect a 65% chance of a U.S. rate cut by September.

Bullion is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold.

Minutes of the Fed's last policy meeting due on Wednesday along with comments from a slew of Fed speakers will be on investors' radar for this week.

"Gold prices sneaked in a cheeky record high ahead of China's (market) open on Monday. Yet as the move has not been confirmed with by a weaker U.S. dollar, it seems to have been caught a tailwind from higher metals futures on China's exchanges," said City Index senior analyst Matt Simpson.

China, the top consumer of bullion and a majority of industrial metals, announced "historic" steps on Friday to stabilise its crisis-hit property sector.

According to Reuters technical analyst Wang Tao, spot gold may test resistance at $2,447 per ounce, a break above could trigger a gain to $2,455.

Spot silver rose 2.5% to $32.28 after hitting an over 11-year high.

Platinum rose 0.7% to $1,088.75, after hitting its highest since May 12, 2023. Palladium dropped 0.5% to $1,013.56.

(Reporting by Sherin Elizabeth Varghese in Bengaluru; Editing by Sohini Goswami)