TLDR
- Gold prices rose 0.3% to $4,462.91 per ounce on Tuesday, following a 2.7% jump on Monday after U.S. forces captured Venezuelan President Nicolás Maduro over the weekend.
- Maduro was transferred to the U.S. to face narcotics charges and pleaded not guilty in a New York court on Monday.
- Silver jumped 2.7% to $78.69 per ounce while platinum rose 2.3% to $2,327.14 per ounce on Tuesday.
- Markets are pricing in two more Federal Reserve rate cuts in 2026, which supports gold prices as investors seek non-yielding assets.
- Copper hit record highs near $6.02 per pound due to mine supply disruptions and trade flow changes from Trump’s tariffs.
Gold prices continued climbing on Tuesday as investors bought precious metals following major geopolitical events over the weekend. Spot gold rose 0.3% to $4,462.91 per ounce during U.S. trading hours.
The price increase followed an even stronger move on Monday when gold surged 2.7% in its best single-day gain in weeks. The rally started after U.S. forces captured Venezuelan President Nicolás Maduro in a surprise operation over the weekend.
Maduro was brought to the United States to face long-standing narcotics charges. He appeared in a New York court on Monday where he pleaded not guilty, according to officials.
President Donald Trump told Fox News on Saturday that “American dominance in the Western Hemisphere will never questioned again.” He also said “something will have to be done about Mexico” and made comments about Cuba.
A Reuters report indicated Trump plans to meet with executives from major U.S. oil companies. The meetings will discuss ways to increase Venezuelan oil production.
Gold had reached a record high of $4,549.71 per ounce last week. Heavy profit-taking pushed prices down temporarily but they have since rebounded close to peak levels.
Federal Reserve Rate Cut Expectations Support Prices
Markets currently expect the Federal Reserve to cut interest rates two more times in 2026. Lower interest rates typically benefit gold because the metal pays no yield to holders.
Minneapolis Federal Reserve President Neel Kashkari said Monday that inflation in the U.S. was slowly easing. His comments reinforced expectations that the central bank may cut rates if price pressures continue to moderate.
Investors are watching upcoming U.S. economic data for more information about Fed policy. December’s non-farm payrolls report comes out Friday and will test the labor market’s strength.
Morgan Stanley strategist Amy Gower said geopolitical events create upside risks for precious metals. She maintained her positive outlook on metals for 2026 in a note released Monday.
Jefferies strategist Mohit Kumar said diversification away from the U.S. dollar should gain ground. He noted gold should be the main beneficiary of this trend.
Other Metals Post Strong Gains
Silver prices jumped 2.7% to $78.69 per ounce on Tuesday. The metal had already surged 8% in the previous session for a total two-day gain of around 11%.
Platinum spot prices rose 2.3% to $2,327.14 per ounce. Both metals followed gold’s upward trajectory as investors sought safe-haven assets.
Copper futures climbed 0.7% to $6.02 per pound, trading near record highs. ING analysts said copper’s rally comes from mine supply disruptions and changes to trade flows because of Trump’s tariffs.
Precious metals enjoyed strong performance in 2025. Gold rose 65% while silver surged more than 140% during the year.
Gold futures reached $4,496.60 per ounce on Tuesday, up 1% for the day. The combined Monday and Tuesday gains represent gold’s best two-day performance since mid-October.
