Precious metal prices extended their rally on Monday, with silver leading the gains by surging more than 5%, as escalating geopolitical tensions surrounding Venezuela boosted demand for safe-haven assets.
Market sentiment turned sharply risk-averse after the United States carried out an “operation” in Venezuela and took President Nicolas Maduro into custody, a move that sent shockwaves across global markets and intensified concerns over political stability in the region.
Amid the uncertainty, investors rushed towards precious metals. Silver soared 5.26% to $76.20 per ounce at around 4:42 am ET, marking one of its strongest single-session gains in recent times. Gold also witnessed strong buying interest, climbing 2.49% to $4,435.14 per ounce, as investors sought protection against geopolitical and macroeconomic risks.
Other precious metals joined the rally as well. Platinum advanced 4.38% to $2,234.51 per ounce, while palladium rose 2.93% to $1,664.80 per ounce at around 4:43 am ET, reflecting broad-based strength across the complex.
The sharp rise in precious metals follows last week’s momentum, with markets increasingly factoring in geopolitical risks alongside ongoing concerns over global growth and financial stability. Silver’s outsized move suggests heightened speculative and safe-haven demand, while gold continues to reaffirm its role as a key hedge during periods of global uncertainty.
Market participants are expected to closely track further developments related to Venezuela, as well as broader geopolitical signals, which could continue to influence precious metal prices in the near term.
