Gold prices rose sharply on Monday, with the ounce gaining 2.1% compared to last week amid escalating geopolitical tensions. As of 0720 GMT, gold was trading at $4,421 per ounce, up by around $90 from Friday’s levels, reflecting renewed investor demand for safe-haven assets.
Market sentiment was shaken following a major escalation between the United States and Venezuela, after Washington carried out a military operation on Saturday that reportedly resulted in the capture of Venezuelan leader Nicolas Maduro and his wife, who were flown to the US to face criminal charges. The US raid on Venezuela, coupled with President Donald Trump’s threats against other countries, has heightened global geopolitical concerns.
Gold, which has recently posted consecutive record highs driven by dovish expectations toward the US Federal Reserve and sustained purchases by central banks, has continued to rise amid these geopolitical risks. Last month, the precious metal reached an all-time high of $4,525.96 per ounce. Silver also posted strong gains, climbing 3.94% on Monday to reach $75.5 per ounce.
