Gold prices surged to an all-time high in early Asian trading on Tuesday, extending their rally as escalating geopolitical frictions between the United States-Venezuela and Russia-Ukraine drove safe-haven demand. The typically reduced liquidity in the year-end holiday period amplified price swings, sending both gold and other precious metals to notable highs.
Spot gold advanced 1.08% to a record $4,491.75 an ounce, while February futures climbed to $4,525.05 per ounce, also reaching unprecedented levels. Silver tracked the momentum, with spot prices holding near Monday’s peak at $69.628 an ounce. Meanwhile, platinum gained nearly 2.21% to $2,176.90—its highest mark in over 17 years—and palladium rose 3.40% to $1,833.30 an ounce.
The flight toward precious metals was triggered as tensions flared after U.S. naval forces reportedly attempted to seize a third oil tanker associated with Venezuela. President Donald Trump intensified his stance on Caracas and President Nicolas Maduro, issuing warnings of a possible naval offensive. He also indicated the U.S. would retain oil cargoes confiscated from Chinese tankers near Venezuela’s waters.
Elsewhere, Iran’s recent missile drill further unsettled markets, particularly following reports that Israel intends to brief Washington on additional potential military actions targeting Tehran.
