NEW YORK: Gold rose more than one per cent on Monday, while other precious metals surged after the United States captured Venezuelan President Nicolas Maduro over the weekend, escalating geopolitical tensions and lifting safe-haven demand.
FUNDAMENTALS
As of 0119 GMT, spot gold was up 1.5 per cent at US$4,395.35 per ounce, climbing to a more than one-week high. Bullion hit a record high of US$4,549.71 on 26 December 2025.
US gold futures for February delivery gained 1.8 per cent to US$4,405.40.
Bullion staged a stellar rally in 2025, ending the year up 64 per cent, its biggest annual gain since 1979, driven by interest rate cuts, safe-haven demand, and inflows into exchange-traded funds.
Investors currently expect at least two rate cuts by the US Federal Reserve this year.
The US captured Maduro on Saturday in an operation that reportedly caused civilian deaths, while U President Donald Trump said Washington would take control of the country.
Vice President Delcy Rodriguez, however, has taken over as interim leader with the backing of Venezuela’s top court and said that Maduro remains president.
The operation was Washington’s most controversial intervention in Latin America since the invasion of Panama 37 years ago.
Non-yielding assets tend to perform well in a low-interest-rate environment and during times of geopolitical or economic uncertainty.
Spot silver added 4.5 per cent to US$75.86 per ounce, after hitting an all-time high of US$83.62 on 29 December. Silver ended the year surging 147 per cent, far outpacing gold, marking its best year on record.
Silver was propelled to fresh highs by its designation as a critical US mineral, supply constraints, and rising industrial and investment demand.
Spot platinum was up 1.5 per cent at US$2,175.15 per ounce, after rising to an all-time high of US$2,478.50 last Monday. It had gained more than 5 per cent earlier in the session to a one-week high.
Palladium edged 0.4 per cent higher to US$1,645.00 per ounce.
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