Gold and silver traded higher this morning as markets reacted to a sharp escalation in Venezuela, pushing investors back toward defensive assets.
By 10:00 GMT, spot gold was trading at $4,434.38 an ounce, while spot silver stood at $76.59, both steady after renewed buying interest.
The move followed confirmation that US forces carried out a weekend operation in Caracas which resulted in the detention of Venezuelan President Nicolás Maduro.
The development has unsettled risk appetite and forced markets to reassess the political and economic fallout across Latin America.
Investors are now weighing the implications for regional stability and energy markets, particularly given Venezuela’s vast oil reserves. Years of sanctions and underinvestment have already constrained output, and the latest action adds another layer of uncertainty around future supply.
President Donald Trump described the capture as a decisive step against what he called a criminal regime, saying the US would oversee a safe and orderly transition. The comments did little to soothe markets already sensitive to geopolitical shocks after a volatile end to 2025.
Gold remains close to record territory after heavy profit taking earlier this month knocked prices back from the $4,549.71 peak. The pullback attracted buyers, with the metal finding support as broader macro conditions stayed favourable.
Expectations of US interest rate cuts later this year, continued central bank buying and concerns over global growth continue to support bullion. Silver has tracked gold’s strength, helped by tight physical markets and sustained demand from both investors and industry.
With geopolitics back in play and liquidity still uneven, precious metals remain highly responsive to headlines, leaving price action vulnerable to sudden swings.