Gold, silver jump as Venezuela tensions add to geopolitical risk

Gold and silver advanced, with investors weighing heightened geopolitical risks following the US capture of Venezuelan leader Nicolás Maduro.

Spot gold rose as much as 2.1% on Monday, climbing above $4 420 an ounce, while silver gained nearly 5%. President Donald Trump said the US plans to “run” Venezuela after ousting Maduro over the weekend, leaving the future governance of the South American nation uncertain. He said Washington required “total access” to the country, including its oil reserves.

The episode “reinforced a backdrop of geopolitical uncertainty,” said Christopher Wong, an analyst at Oversea-Chinese Banking Corp. in Singapore. However, immediate risks are limited as “developments in Venezuela point to a relatively quick closure, rather than a prolonged military conflict,” he said.

Gold is fresh from posting its best annual performance since 1979, hitting a series of records throughout last year with support from central-bank buying and inflows to bullion-backed exchange-traded funds. Three successive rate cuts by the US Federal Reserve were also a tailwind for precious metals, which don’t pay interest.

Among leading banks, there’s strong support for further gains in gold this year, especially with the Fed expected to deliver additional interest-rate reductions and Trump reshaping the US central bank’s leadership. Goldman Sachs Group Inc. said last month that its base case was for a rally to $4,900 an ounce, with risks to the upside.

Adding further support, the US economy is facing long-term risks posed by mounting federal debt, according to a panel of economic luminaries speaking Sunday. Janet Yellen, a former Fed chair and secretary of the treasury, said preconditions are strengthening for fiscal dominance, whereby the size of debt prompts the central bank to keep rates low to minimize servicing costs.

Silver rallied even more than gold last year, blowing through levels that until recently seemed unthinkable to all but the most enthusiastic of market watchers. In addition to the factors that aided gold, silver has also benefited from sustained concerns that the US administration could eventually impose import tariffs on the refined metal.

Gold rose 1.8% to $4,409.84 as of 11:45 a.m. Singapore time. Silver advanced 3.5% to $75.38. Platinum and palladium each gained around 2%. The Bloomberg Dollar Spot Index, a key gauge of the US currency’s strength, was up 0.3%.

© 2026 Bloomberg

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