Analysis: The turbulent situation in Venezuela triggered safe-haven buying, causing gold and silver prices to rise sharply.
due to the US arrest of Venezuelan President Maduro triggering safe-haven demand, gold prices along with other precious metals have risen. A Saxo Bank analyst from Denmark stated: "As investors seek safety following US actions against Venezuela, gold and silver have rebounded accordingly. Trump stated that the US plans to 'take over' Venezuela, which further increases uncertainty in governance." Last year, driven by the Federal Reserve's interest rate cuts, strong central bank demand, increased inflows into exchange-traded funds, and investors shifting from sovereign bonds and currencies to hard assets, gold prices rose nearly 65%, marking the strongest annual performance since 1979.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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