Gold prices surged during Asian trading on Monday after a U.S. military operation in Venezuela led to the capture of President Nicolás Maduro, triggering a renewed wave of safe-haven demand.
Spot gold climbed 2.2% to $4,422.92 per ounce by 01:41 ET (06:41 GMT), while U.S. gold futures for March delivery advanced 2.4% to $4,433.10.
Gold has already risen more than 60% in 2025, reaching a record high of $4,549.71 per ounce toward the end of last year. Although heavy profit-taking briefly pressured prices after that peak, bullion has since rebounded and is now trading close to record levels once again.
U.S. action in Venezuela hits risk appetite
Investor sentiment weakened after U.S. officials confirmed that Maduro was detained during a weekend operation in Caracas and transported to the United States to face long-standing criminal charges.
The move marked the most direct U.S. intervention in Venezuela in decades and drew criticism from several countries. Markets are now weighing the potential impact on regional stability and global energy supply.
U.S. President Donald Trump described the operation as a “decisive step” against what he called a criminal regime, adding that Washington would oversee a “safe and orderly transition” in Venezuela.
Venezuela holds the world’s largest proven oil reserves, but years of sanctions and underinvestment have significantly reduced production. The latest U.S. action added uncertainty around the country’s near-term crude output, further supporting demand for safe assets such as gold.
Supportive backdrop for bullion
Beyond geopolitics, gold continues to benefit from expectations of U.S. interest rate cuts later this year, sustained buying by central banks, and ongoing concerns over global economic growth.
Other metals also advance
Broader metal markets were also upbeat, with prices hovering near record highs.
Silver jumped more than 4% to $76.32 per ounce, while platinum gained over 5% to $2,143 per ounce. Copper prices also strengthened, with benchmark futures on the London Metal Exchange rising 3% to $12,874.20 per ton. U.S. copper futures increased by a similar margin to $5.89 per pound.
