Gold and silver again broke the record in value amid tensions between the US and Venezuela

On Tuesday, gold updated its historical maximum, almost reaching the mark of $4,500 per ounce, as investors rushed into this stable asset amid tensions between the United States and Venezuela. Silver also rose to a new record level.  This was reported by Reuters, writes UNN.

DetailsThe price of spot gold rose by 0.7% to $4,476.15 per ounce, after earlier in the session reaching a record $4,497.55. US gold futures for February delivery rose by 0.9% to $4,509.80.

“Tensions between the US and Venezuela keep gold in investors’ sights as a hedge against uncertainty,” said KCM Trade chief market analyst Tim Waterer, adding that gold has soared this week as part of a broader repositioning amid expectations of further US rate cuts.

Waterer noted that buyers continue to view precious metals as an effective way to diversify portfolios and preserve value, adding: “I don’t think we’ve reached peak levels for gold or silver yet.”

Last week, US President Donald Trump announced a “blockade” of all sanctioned oil tankers entering and leaving Venezuela.

Additional support for gold was provided by reports that Trump may announce a new head of the Federal Reserve as early as January. Markets are pricing in two rate cuts next year amid expectations of a softer monetary policy.

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Gold, a classic “safe haven” asset in times of geopolitical and economic turbulence, has risen by more than 70% since the beginning of the year, benefiting from a powerful mix of factors: geopolitical risks, expectations of rate cuts, central bank purchases, de-dollarization, and inflows into ETFs.

“As the end of the year approaches, thinner liquidity can amplify price fluctuations,” said market analyst and Naga platform Frank Walbaum, noting that gold may remain particularly sensitive to geopolitical news and changes in rate expectations.

Spot silver rose by 0.6% to $69.44 per ounce, having earlier updated its record at $69.98. Since the beginning of the year, silver has added more than 141%, outperforming gold due to supply shortages, industrial demand, and investment flows.

Spot platinum jumped by 2.2% to $2,167.25, a maximum in more than 17 years, and palladium rose by 2.5% to a three-year peak of $1,803.91, following the rise in gold and silver.

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