Key Moments
- Spot gold rose 0.2% to $4,458.20 an ounce, while U.S. Gold Futures gained 0.4% to $4,469.10/oz in Asian trade on Tuesday.
- Prices moved back toward last week’s record high of $4,549.71/oz after a 2.7% surge in the prior session, the strongest daily advance in weeks.
- U.S. action in Venezuela and expectations for additional Federal Reserve rate cuts this year supported gold and other metals, with copper and silver also hitting or approaching record levels.
Gold Advances in Asia, Nears Previous Record
Gold prices continued their upward trajectory in Asian trading on Tuesday, drawing closer to record territory as geopolitical uncertainty surrounding Venezuela intensified demand for safe-haven assets.
Spot gold inched up 0.2% to $4,458.20 per ounce by 01:22 ET (06:22 GMT). U.S. Gold Futures added 0.4%, trading at $4,469.10 per ounce.
The metal had already logged a 2.7% gain in the previous session, marking its strongest single-day performance in weeks as investors sought security amid rising global market volatility.
Gold reached an all-time high of $4,549.71 per ounce last week. While subsequent profit-taking pressured prices, bullion has since recovered and is again trading not far below its peak.
| Instrument | Price | Move | Comment |
|---|---|---|---|
| Spot gold | $4,458.20/oz | +0.2% | Approaching last week’s record |
| U.S. Gold Futures | $4,469.10/oz | +0.4% | Supported by safe-haven flows |
| Silver | $78.78/oz | +3% | Strong follow-through alongside gold |
| Platinum | $2,331.25/oz | +2% | Gains in precious metals complex |
| Benchmark LME Copper Futures | $13,331.0/ton | +2.2% | Record high |
| U.S. Copper Futures | $6.07/lb | +1.5% | Highest level on record |
Gold is currently trading around $4,470
Taking confluence from silver, which is holding firm around its premium area, I’m expecting a minor pullback in gold of roughly $4,400 per ounce from here.
Leaning short while momentum cools. pic.twitter.com/nQ9CsJdK0u
— Trader Haris (@tradexharis) January 6, 2026
Venezuela Operation and Policy Uncertainty Support Gold
The latest leg of gold’s advance was driven in large part by developments in Venezuela. U.S. forces carried out a surprise operation over the weekend that led to the capture of President Nicolás Maduro, heightening geopolitical risk and unsettling commodity markets.
Officials said Maduro was transferred to the U.S. to face long-standing narcotics-related charges and entered a not guilty plea in a New York court on Monday.
According to a Reuters report, U.S. President Donald Trump is preparing to meet with leaders of major U.S. oil companies to explore options for increasing Venezuelan oil output.
The potential for prolonged geopolitical tension and shifts in policy helped reinforce gold’s role as a hedge against market turbulence.
Rate-Cut Expectations Add to Bullion’s Tailwinds
Gold also drew backing from expectations that U.S. interest rates will decline further in 2026.
Market pricing currently reflects forecasts for two additional rate reductions by the Federal Reserve this year, a scenario that typically benefits non-yielding assets such as gold by lowering the opportunity cost of holding them.
On Monday, Minneapolis Federal Reserve President Neel Kashkari said inflation in the U.S. was slowly easing, which strengthened hopes that the central bank may have scope to ease policy further if disinflation continues.
Investors are now turning their attention to upcoming U.S. data for signals on the Fed’s next steps. December’s non-farm payrolls report, scheduled for release on Friday, is seen as an important gauge of labor market strength that could influence rate expectations in the coming months.
Broad Metals Rally: Silver, Platinum, and Copper Gain
The positive tone in gold was mirrored across other precious and industrial metals on Tuesday.
Silver prices jumped 3% to $78.78 per ounce, while platinum climbed 2% to $2,331.25 per ounce, extending the upswing across the precious metals complex.
Industrial metals also participated in the rally. Benchmark Copper Futures on the London Metal Exchange rose 2.2% to a record $13,331.0 per ton. U.S. Copper Futures advanced 1.5% to $6.07 per pound, also setting a new all-time high.
“Copper’s rally continues to be fuelled by mine supply disruptions and distortions to trade flows amid US President Trump’s tariffs,” ING analysts said in a note.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
