Due to the arrest and extradition of Venezuela’s President Nicolas Maduro by the United States, geopolitical risks have heightened, leading to an increase in the prices of safe-haven assets like gold and silver.
According to Bloomberg News, as of 6:45 AM today, the spot price of gold has risen by 0.7%, reaching $4,363.57 per ounce. At one point in early trading, it surged by 0.9%, surpassing $4,370.
At the same time, the spot price of silver also increased by 0.7%, trading at $73.32 per ounce. Platinum and palladium prices have likewise risen.
A precious metals refining company stated, “The market is now in a situation where it has to reassess not only the Venezuela risk but also the unpredictability and military approach of the United States.”
Last year, international gold prices soared by 64%, marking the highest increase since 1979.
Factors such as central banks’ purchasing, the U.S. Federal Reserve’s interest rate cuts, a weaker dollar, geopolitical tensions, and trade conflicts have all collectively driven up the prices of gold and silver.
Last year, the price of silver skyrocketed by 142%, breaking the high point of $48.7 set during the silver boom in 1980, marking a record in 45 years.
[Photo Source: AFP=Yonhap News]
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