Gold and silver prices pushed sharply higher as investors returned to safe-haven assets following the U.S. operation that led to the detention of Venezuelan President Nicolás Maduro over the weekend, intensifying geopolitical uncertainty.
Spot gold rose more than 2% to $4,431 an ounce, while February futures advanced to $4,442, their highest level since December 29. The rally extends gold’s strong momentum into 2026 after a gain of over 60% in 2025, a year in which the metal set a record high of $4,549.71 an ounce—its strongest annual performance since 1979—despite heavy profit-taking late in the year.
Silver posted even stronger gains, with spot prices jumping 4% to $75.83 an ounce and futures touching $75.96. The metal significantly outperformed gold in 2025, surging more than 130% after starting the year near $24 an ounce.
U.S. President Donald Trump said the United States plans to “govern” Venezuela following Maduro’s removal, leaving uncertainty over the country’s political direction. Trump added that Washington is seeking “total access” to the country, including its oil reserves.
Nicky Shiels, head of metals research and strategy at MKS Pamp, said investors are likely to favour assets viewed as lower risk in the current climate. She noted that “the ouster of the Venezuelan president is likely to accelerate demand for gold from non-Western central banks.”
Shiels also questioned the fate of around 31 tonnes of Venezuelan gold stored in the Bank of England’s vaults. British courts have previously rejected Maduro’s requests for the release of the gold after the UK deemed his presidency illegitimate.
The developments “have reinforced an environment of geopolitical uncertainty,” said Christopher Wong, an analyst at Oversea-Chinese Banking Corp. in Singapore. However, he added that near-term risks appear limited, as “developments in Venezuela point to a relatively rapid closure, rather than a protracted military conflict.”
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