Gold Extends Gains as Venezuela Tensions and Fed Cut Bets Lift Safe-Haven Demand

Gold prices extended strong gains in Asian trading on Tuesday, inching back toward record highs as heightened geopolitical tensions following a U.S. operation in Venezuela fueled demand for safe-haven assets.

Spot gold rose 0.2% to $4,458.20 an ounce by 01:22 ET (06:22 GMT), while U.S. gold futures climbed 0.4% to $4,469.10 per ounce. The metal rallied 2.7% in the previous session — its biggest single-day advance in weeks — as investors sought protection amid escalating uncertainty in global markets.

Gold had touched an all-time high of $4,549.71 last week before heavy profit-taking triggered a brief pullback. Prices have since rebounded and now sit close to peak levels.

Venezuela turmoil and rate-cut expectations support bullion

The latest upswing was driven largely by events in Venezuela, where a surprise U.S. operation led to the capture of President Nicolás Maduro — a development that rattled commodity markets and intensified geopolitical risk.

Maduro has been transferred to the United States to face longstanding narcotics-related charges and pleaded not guilty in a New York court on Monday, according to officials. A Reuters report also said President Donald Trump plans to meet U.S. oil executives to discuss efforts to boost Venezuelan production — signaling potential policy shifts that could extend uncertainty.

The prospect of prolonged friction helped reinforce gold’s role as a hedge against volatility. At the same time, expectations that U.S. interest rates will move lower in 2026 continued to underpin bullion, with markets currently pricing in two additional Federal Reserve rate cuts this year.

Minneapolis Fed President Neel Kashkari said Monday that U.S. inflation is easing gradually, strengthening hopes the central bank may have room to loosen policy if price pressures keep moderating.

Investors are now focused on upcoming U.S. data, particularly Friday’s nonfarm payrolls report for December, which could shape rate-cut expectations in the months ahead.

Metals complex remains firm; copper hits record

Momentum extended across the broader metals market. Silver jumped 3% to $78.78 per ounce, while platinum rose 2% to $2,331.25 per ounce.

Industrial metals also pushed higher. Benchmark copper futures on the London Metal Exchange surged 2.2% to a record $13,331 a ton, while U.S. copper futures climbed 1.5% to $6.07 a pound — also their highest on record.