Gold prices climbed Monday, while other precious metals also surged after the United States captured Venezuelan President Nicolas Maduro over the weekend, escalating geopolitical tensions and lifting safe-haven demand.
As of 0312 GMT, spot gold climbed 1.9 percent to US$4,411.14 per ounce, a one-week high. US gold futures for February delivery gained 2.1 percent to US$4,419.9.
"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.
The US captured Maduro on Saturday, in an operation that reportedly caused civilian deaths. 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 percent gains last year, its biggest annual gain since 1979. It hit a record high of US$4,549.71 on December 26, 2025.
Federal Reserve Bank of Philadelphia President Anna Paulson said on Saturday that further central bank 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 rate cuts by the US Federal Reserve this year.
Waterer added that investors are focused on non-farm payroll data due Friday for more cues on potential Fed rate cuts.
Non-yielding assets tend to do well in a low-interest-rate environment and during times of geopolitical or economic uncertainty.
Spot silver added 4.4 percent to US$75.82 per ounce, after hitting an all-time high of US$83.62 on December 29. Silver ended the year surging 147 percent, far outpacing gold, in what was its best ever year on-record.
Silver was propelled to fresh highs by its designation as a critical US mineral last year as well as supply constraints in the face of rising industrial and investment demand.
Spot platinum was up 2.2 percent at US$2,190.55 per ounce, after rising to an all-time high of US$2,478.50 last Monday. It rose more than 5 percent in early Asia hours to a one-week high. Palladium was 1.8 percent higher at US$1,667.45 per ounce.
Reuters
