Gold jumps after Venezuela president captured

Gold advanced nearly 3% on heightened geopolitical tensions following the capture of Venezuela President Nicolás Maduro by United States special operations forces.

Spot gold hit a one-week high of $4,455.42 per oz. Monday, about $100 shy of its record high set late in 2025. U.S. gold futures surged to as high as $4,480 per oz. in New York.

Demand for safe-haven assets surged over the weekend after U.S. troops attacked Venezuela and deposed Maduro in what was Washington’s most direct intervention in Latin America since 1989. Maduro appeared in court Monday in New York City and pleaded not guilty to the narco-terrorism, drug-trafficking and weapons charges that the U.S. is using to justify his removal.

“Markets are now contending with a new spike in geopolitical risk following the U.S. capture of Venezuela’s President Maduro at the weekend,” BMO Capital Markets commodities analysts Helen Amos and George Heppel wrote in a note Monday, citing the rise in precious metals such as gold. “There is no sign of ‘risk-off’ as yet.”

Geopolitics-fueled rally

Gold jumped 64% last year, driven by geopolitical flashpoints and the U.S. Federal Reserve’s monetary easing cycle. Expectations of even lower rates, along with central bank buying and exchange-traded fund flows bolstered the climb.

The situation in Venezuela adds to existing investor concerns over geopolitics, energy supply and monetary policy, Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany, told Reuters.

The rise in precious metals prices underlines “the ongoing strength of physical fundamentals,” BMO’s Amos and Heppel wrote.

Some leading banks are forecasting further gains for gold this year, especially with the Fed expected to deliver additional interest rate reductions and U.S. President Donald Trump reshaping the central bank’s leadership. Goldman Sachs Group said last month that its base case was for a rally to $4,900 an ounce, with risks to the upside.

In addition to the events in Venezuela, Trump used the weekend to restate his ambitions regarding Greenland, which is known to have substantial deposits of critical minerals and rare earth elements. He also suggested possible action against Colombia and Mexico over illicit drug flows.