JAKARTA – Gold prices in Asian trading jumped on Monday (5/1) following a US military operation in Venezuela that led to the arrest of President Nicolás Maduro.

Quoting investing.com, spot gold rose 1% to USD 4,374.92 per ounce at 6:59 PM ET (12:59 AM GMT), while US gold futures for March delivery gained 0.8% to USD 4,381.10 per ounce.

The rush into safe-haven assets was triggered after US officials confirmed that Maduro was detained in a raid in Caracas last week (3/1) and flown to the United States to face multiple criminal charges.

President Donald Trump described Maduro’s arrest as a “decisive action” against what he called a “criminal regime”, while stressing that the US would ensure a “safe and orderly transition” in Venezuela.

The operation marked the most significant US intervention in Venezuela in decades.

It has drawn condemnation from several countries, while market players began weighing the impact of the turmoil on regional stability and energy markets.

Venezuela holds the world’s largest proven oil reserves, but production has been constrained by prolonged sanctions and a lack of investment.

As such, the US move has added to short-term uncertainty over Venezuelan crude oil supply.

For gold, meanwhile, the geopolitical escalation has reinforced already positive sentiment.

The surge in precious metal prices has been supported by expectations of US interest rate cuts this year, continued buying by central banks, and concerns over global economic growth.

Elsewhere in the precious metals market, silver prices jumped 2.4% to USD 74.32 per ounce, while platinum futures climbed 3.1% to USD 2,209.60 per ounce. (DK/ZH)