05.01.202600:27:23UTC+00Gold Climbs on Venezuela Crisis

Gold prices surged over 1% on Monday, rising above $4,380 per ounce, as investors gravitated towards safe-haven assets following the U.S.'s removal of Venezuelan President Nicolas Maduro. President Donald Trump announced on Saturday that the U.S. would temporarily take over the Venezuelan government, just hours after directing a significant military operation resulting in Maduro's capture, which has increased uncertainty about the future leadership of the nation. Investors are also focused on important U.S. economic indicators scheduled for release this week, such as the ISM Manufacturing data, December ADP employment statistics, and the unemployment rate, as well as commentary from various Federal Reserve officials which might provide further insights into the trajectory of U.S. interest rates. Last year, gold experienced its strongest annual gain since 1979, consistently reaching record highs, spurred by strong safe-haven demand, U.S. monetary policy easing, substantial central bank purchases, and inflows into ETFs.