FUNDAMENTALS
* As of 0119 GMT, spot gold was up 1.5% at $4,395.35 per ounce, climbing to a more than one-week high. Bullion hit a record high of $4,549.71 on December 26, 2025.
* U.S. gold futures for February delivery gained 1.8% to $4,405.40.
* Bullion staged a stellar rally in 2025, ending the year up 64%, its biggest annual gain since 1979, driven by interest rate cuts, safe-haven demand, and inflows into exchange-traded funds.
* Investors currently expect at least two rate cuts by the U.S. Federal Reserve this year.
* The U.S. captured Maduro on Saturday, in an operation that reportedly caused civilian deaths, while U.S. President Donald Trump said Washington would take control of the country.
* Vice President Delcy Rodriguez, however, has taken over as interim leader with the backing of Venezuela’s top court and said that Maduro remains president.
* The operation was Washington’s most controversial intervention in Latin America since the invasion of Panama 37 years ago.
* Non-yielding assets tend to do well in a low-interest-rate environment and during times of geopolitical or economic uncertainty.
* Spot silver added 4.5% to $75.86 per ounce, after hitting an all-time high of $83.62 on December 29. Silver ended the year surging 147%, far outpacing gold, in what was its best year ever on-record.
* Silver was propelled to fresh highs by its designation as a critical U.S. mineral, supply constraints amid rising industrial and investment demand.
* Spot platinum was up 1.5% at $2,175.15 per ounce, after rising to an all-time high of $2,478.50 last Monday. It rose more than 5% earlier in the session to a one-week high.
* Palladium edged 0.4% higher to $1,645.0 per ounce.
