Gold and silver prices surged again as investors sought refuge in precious metals following the U.S. operation over the weekend that resulted in the capture of Venezuelan President Nicolás Maduro, heightening geopolitical uncertainty and boosting demand for safe-haven assets.
In early trading, spot gold climbed more than 2% to $4,431 an ounce, while February futures rose to $4,442, marking their highest level since December 29. The metal has carried strong momentum into 2026 after advancing more than 60% in 2025, a year in which it set a new record high of $4,549.71 an ounce—its strongest annual performance since 1979—despite heavy profit-taking late in the year trimming gains.
Silver posted even sharper moves. Spot prices jumped 4% to $75.83 an ounce, with futures reaching $75.96. The metal significantly outperformed gold in 2025, recording gains of more than 130% after starting the year near $24 an ounce.
U.S. President Donald Trump said Washington intends to “govern” Venezuela following Maduro’s removal, leaving uncertainty over the country’s political future. Trump added that the United States is seeking “total access” to the country, including its oil reserves.
According to Nicky Shiels, head of metals research and strategy at MKS Pamp, investors are likely to gravitate toward assets perceived as lower risk amid rising uncertainty. She said that “the ouster of the Venezuelan president is likely to accelerate demand for gold from non-Western central banks.”
Shiels also raised questions over the fate of roughly 31 tonnes of Venezuelan gold held in the vaults of the Bank of England. UK courts have previously denied Maduro’s requests for the release of the gold after Britain declared his presidency illegitimate.
The episode “has reinforced an environment of geopolitical uncertainty,” said Christopher Wong, an analyst at Oversea-Chinese Banking Corp. in Singapore. However, he noted that near-term risks appear contained, as “developments in Venezuela point to a relatively rapid closure, rather than a protracted military conflict.”