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Gold and silver have risen again as investor confidence has been weighed down by heightened geopolitical risks following the arrest of Venezuelan leader Nicolas Maduro by the US.
Gold prices rose as much as 2.1% on Monday to above $4,420 an ounce, while silver rose nearly 5%. US President Donald Trump said the US intends to “run” Venezuela after Maduro was ousted over the weekend, leaving the future of the South American country’s governance uncertain. He stressed that Washington needs “full access” to the country, including its oil reserves.
This “has heightened the geopolitical uncertainty environment,” said Christopher Wong, an analyst at Oversea-Chinese Banking in Singapore. However, he added that the immediate risks are limited, as “developments in Venezuela point to a relatively rapid closure of the front, rather than a protracted military conflict.”
Gold has just completed its best annual performance since 1979, hitting a series of all-time highs over the past year, supported by central bank purchases and inflows into precious metal-linked ETFs. Three consecutive interest rate cuts by the Federal Reserve have also been supportive of the non-interest-paying precious metal.
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