Gold prices rose slightly on Tuesday (January 6) to a near one-week high, supported by safe-haven demand amid rising geopolitical tensions over the US arrest of Venezuelan President Nicolas Maduro and growing expectations of a US interest rate cut.
Spot gold prices rose 0.1% to $4,452.60 an ounce, as of 0946 GMT, after rising nearly 3% in the previous session. Bullion hit a record high of $4,549.71 on December 26, ending the year with a 64% gain, its best annual performance since 1979.
US gold futures for February delivery rose 0.3% to $4,462.60.
"Gold prices were supported by rising safe-haven demand amid heightened geopolitical uncertainty following the weekend's events in Venezuela, as well as by growing speculation of a Federal Reserve interest rate cut following the release of disappointing US manufacturing PMI data," said ActivTrades analyst Ricardo Evangelista.
Maduro pleaded not guilty on Monday when he appeared in a New York court on charges of drug terrorism and possession of machine guns and explosive devices.
Meanwhile, U.S. manufacturing activity contracted more than expected in December, falling to a 14-month low.
Minneapolis Fed President Neel Kashkari warned on Monday that the unemployment rate could "spike" higher, increasing the likelihood of an interest rate cut.
Investors currently expect two rate cuts this year and are looking ahead to the December nonfarm payrolls report, due on Friday, to gauge the future direction of monetary policy.
Non-yielding assets tend to perform well in low-interest environments and during times of geopolitical or economic uncertainty.
Spot silver rose 1.9% to $77.97 an ounce, its highest level in a week, after hitting an all-time high of $83.62 on December 29. Silver posted its strongest annual gain in 2025, surging 147%, due to increased industrial and investor interest.
Spot platinum rose 1.4% to $2,303.90 per ounce, after rising to an all-time high of $2,478.50 last Monday, while palladium traded 0.2% higher at $1,710.25 per ounce. (alg)
Source: Reuters.com
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