Precious metals climbed on Monday following a significant increase in geopolitical tension after the United States military operation in Venezuela over the weekend. The capture of President Nicolás Maduro has prompted a rush toward safe-haven assets as investors assess the potential for instability in South America and the broader impact on global energy and financial markets.
Spot gold rose 2.3% to $4,430.72 per ounce, approaching its recent record high, while U.S. gold futures for February delivery gained 2.4% to reach $4,434.20. Silver, which saw a historic rally throughout 2025, advanced 4.6% on Monday to trade near $75.94 per ounce.
Market analysts note that the unprecedented nature of the intervention has created a climate of uncertainty. “The transition of power in a sovereign state under these circumstances naturally leads to high degrees of market caution,” said Tim Waterer, chief market analyst at KCM Trade. He noted that gold and silver are serving as primary hedges against the resulting unpredictability.
The gains in early 2026 follow a landmark year for bullion, which saw a 64% increase in 2025—the metal’s strongest annual performance since 1979. This rally was driven by a combination of central bank accumulation, interest rate cuts, and sustained inflows into exchange-traded funds (ETFs). Gold reached an all-time peak of $4,549.71 on December 26, 2025.
President Donald Trump stated over the weekend that the United States intends to “run” Venezuela in the interim to stabilize the nation and revitalize its infrastructure. This has left global markets weighing the long-term implications for Venezuelan governance and its vast natural resources, including the world’s largest oil reserves and significant gold deposits estimated at 161 metric tonnes.
While precious metals surged, other assets showed mixed reactions. The U.S. dollar remained firm, acting as a secondary refuge, while oil prices experienced volatility as traders balanced the prospect of future Venezuelan supply increases against immediate regional risks.
