Gold prices edged up on Tuesday (January 6), hitting a one-week peak and nearing a record high, with demand for safe havens driven by geopolitical tensions surrounding the US arrest of Venezuela's president and expectations of a US interest rate cut.
Spot gold prices rose 0.3% to $4,461.09 an ounce, as of 11:35 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 demand for safe havens amid heightened geopolitical uncertainty following the weekend's events in Venezuela, as well as by rising bets on a Federal Reserve interest rate cut following the release of disappointing US manufacturing PMI data," said ActivTrades analyst Ricardo Evangelista.
Venezuela's Nicolas Maduro pleaded not guilty on Monday when he appeared in a New York court on charges of drug terrorism and possession of a machine gun and explosive device.
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, raising the possibility of an interest rate cut.
Investors currently expect two interest rate cuts this year and are looking ahead to the December non-farm 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 2.4% to $78.31 an ounce, 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 2.3% to $2,323.15 per ounce, after rising to an all-time high of $2,478.50 on Monday, while palladium traded 1.7% higher at $1,736.26 per ounce. (alg)
Source: Reuters.com
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