By Ishaan Arora
Gold prices climbed on Monday and other precious metals surged, after the US captured Venezuelan President Nicolas Maduro over the weekend, escalating geopolitical tensions and lifting safe-haven demand.
By 05.08am GMT, spot gold had risen 1.8% to $4,406.77/oz, a one-week high. US gold futures for February delivery gained 1.9% to $4,413.40/oz.
“The events in Venezuela have reignited safe-haven demand, with gold and silver among the beneficiaries as investors look to protect against geopolitical risks,” said Tim Waterer, KCM Trade’s chief market analyst.
On Saturday, the US captured Maduro in an attack that was Washington’s most controversial intervention in Latin America since the invasion of Panama 37 years ago. Vice-president Delcy Rodriguez has taken over as interim leader and said that Maduro remains president.
Geopolitical tensions, combined with interest rate cuts, robust central bank purchases and inflows into exchange traded funds, contributed to bullion’s 64% gain last year, its biggest annual rally since 1979. It hit a record high of $4,549.71/oz on December 26 2025.
Federal Reserve Bank of Philadelphia president Anna Paulson said on Saturday that further rate cuts could be some way off after an active campaign of easing last year. Her comments come as investors still expect at least two Fed rate cuts this year.
Meanwhile, investors are focused on non-farm payroll data, which is due Friday, for more cues into potential Fed rate cuts, Waterer added.
Non-yielding assets tend to do well in an environment of low interest rates and during geopolitical or economic uncertainties.
Spot silver added 3.9% to $75.46/oz, after hitting a record high of $83.62/oz on December 29. The metal ended its best year yet 147% higher, propelled by its designation as a critical US mineral last year and supply constraints in the face of rising industrial and investment demand.
Spot platinum rose 2.2% to $2,189.88/oz after touching a record $2,478.50/oz last Monday. It gained more than 5% in early Asia hours to a one-week high. Palladium climbed 2.1% to $1,671.95/oz.
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