Gold prices surged sharply in early January 2026 as geopolitical tensions mounted following a leadership crisis in Venezuela, prompting investors to flock to traditional safe-haven assets. Spot gold rose above $4,400 per ounce, reaching one-week highs as markets assessed the implications of the conflict and broader uncertainty for global markets.

The rally was sparked by major events in Venezuela, including the U.S. military operation that resulted in the capture and removal of President Nicolás Maduro, creating heightened uncertainty about regional stability and global political risk. As a result, investors increased allocations to precious metals like gold and silver, perceived as stores of value in times of turmoil, while also monitoring macroeconomic indicators and central bank policy outlooks.

Analysts note that gold’s safe-haven appeal is especially strong when political risk rises alongside other market pressures such as expectations of future interest rate cuts and strong central bank purchases. The crisis in Venezuela has come on top of an already bullish backdrop for gold, which saw significant gains in 2025 and remains supported by persistent geopolitical worries and macroeconomic uncertainty