Gold surges as US capture of Venezuela president spurs safe-haven demand

At 0508 GMT, spot gold was up 1.8% at $4,406.77 an ounce, its highest in a week, while US gold futures for February gained 1.9% to $4,413.40.

Tim Waterer, chief market analyst at KCM Trade (Kohle Capital Markets), said the Venezuela developments had revived safe-haven buying, with gold and silver benefiting as investors sought protection from geopolitical risk.

The US seized Maduro in an attack on Saturday, in what Washington called its most contentious Latin America intervention since the invasion of Panama 37 years ago.

Vice President Delcy Rodriguez assumed the role of interim leader and said Maduro remained president.

Gold’s rally has been underpinned by geopolitical tensions, interest-rate cuts, strong central-bank buying and ETF (Exchange Traded Fund) inflows, helping bullion post a 64% gain last year, its biggest annual rise since 1979.

Prices reached a record $4,549.71 on December 26, 2025.

Philadelphia Fed President Anna Paulson said on Saturday that further rate cuts could be some way off after an active easing cycle last year, even as investors still price in at least two Fed cuts this year.

Markets are also watching US non-farm payrolls due on Friday for clues on the outlook for Fed policy, Waterer said.

Non-yielding assets typically perform better when rates are low and during periods of geopolitical or economic uncertainty.

Spot silver surged 3.9% to $75.46 an ounce after hitting a record $83.62 on December 29.

Silver finished its best year on record, up 147%, supported by its designation as a critical US mineral last year and tight supply amid stronger industrial and investment demand.

Spot platinum climbed 2.2% to $2,189.88 an ounce after touching a record $2,478.50 last Monday, and was up more than 5% in early Asian trade to a one-week high.

Palladium added 2.1% to $1,671.95.

Reuters