Bullion extends gains after strong previous session, while silver and platinum post fresh records
Gold prices advanced further on Tuesday, touching a one-week high as renewed expectations of U.S. interest rate cuts and escalating geopolitical tensions surrounding Venezuela increased demand for safe-haven assets.
Spot gold rose 0.5 per cent to $4,469.96 per ounce as of 0534 GMT, building on nearly 3 per cent gains recorded in the previous session. The precious metal remains close to its all-time high of $4,549.71, reached on December 26, after posting its strongest annual performance since 1979 last year with a 64 per cent surge.
U.S. gold futures for February delivery also strengthened, climbing 0.7 per cent to $4,481.30 per ounce.
Market sentiment continues to be shaped by expectations of monetary easing, with investors currently pricing in at least two interest rate cuts by the U.S. Federal Reserve this year. Attention is now focused on the U.S. nonfarm payrolls report, scheduled for release on Friday, which could offer further clues on the Fed’s policy direction.
Geopolitical developments also added to gold’s appeal after ousted Venezuelan President Nicolas Maduro pleaded not guilty on Monday to narcotics-related charges. His capture by the administration of U.S. President Donald Trump sent shockwaves through global political circles and prompted uncertainty within Caracas, further boosting risk-off sentiment.
Meanwhile, other precious metals recorded strong gains.
Spot silver jumped 3.5 per cent to $79.18 per ounce, after previously hitting a record high of $83.62 on December 29. Silver ended 2025 with a remarkable 147 per cent annual gain, significantly outperforming gold and marking its best year on record.
Spot platinum rose 2.8 per cent to $2,334.25 per ounce, after climbing to an all-time high of $2,478.50 last Monday. Prices were up more than 5 per cent earlier in the session, reaching a one-week high as strong momentum continued across the metals market.
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