Gold prices soared to new record levels during early Asian trading on Tuesday, driven by intensifying geopolitical risks—particularly renewed conflict between the U.S. and Venezuela—which spurred a strong wave of safe-haven buying. Thin year-end liquidity further amplified the metal’s sharp upward move.
Spot gold briefly touched an all-time high of $4,498 per ounce before easing slightly, still trading roughly 1% higher near $4,484. February futures also rallied above $4,530. The latest jump followed reports that the U.S. Navy attempted to seize another Venezuela-linked oil tanker and after President Trump delivered fresh hardline remarks toward Caracas. Rising tensions in the Middle East—including Iranian missile drills and potential Israeli military action—added to the flight-to-safety momentum.
Softening U.S. inflation data also supported gold, reinforcing expectations that the Federal Reserve could cut rates multiple times in 2026. A weaker dollar and subdued Treasury yields further lowered the opportunity cost of holding non-yielding assets like gold.
Other precious metals followed suit: silver advanced toward the $70-per-ounce mark to set new records, while platinum and palladium extended their climb to multi-year highs, highlighting broad strength across the metals complex amid holiday-thinned trading conditions.