Despite the lack of panic in equity markets after the U.S. attack on Venezuela, precious metals moved sharply higher on a jump in safe-haven demand. While the rally briefly cooled mid-session, buying momentum strengthened again during U.S. trading hours, reigniting volatility across the precious metals complex.
Platinum is currently leading gains (PLATINUM: +7.2% to USD 2,300), absorbing safe-haven flows amid record valuations in gold (about +64% in 2025) and silver (about +148% in 2025). Although platinum’s 2025 performance is broadly in line with its peers (around +130%), prices are still flirting with the 2008 peak, while gold and silver have already spent a year breaking all-time highs.
Platinum still faces a decisive breakout above the historic resistance at 2,300. Source: xStation5
Optimism across precious metals remains strong. Gold is up 2.6% to USD 4,445 per ounce, while silver has surged 6.15% to USD 77.06 per ounce.
Demand for safe havens is likely to persist as long as the White House maintains an aggressive stance toward Venezuela. Following the abduction of Nicolás Maduro, Donald Trump issued a series of threats toward remaining regime representatives in Caracas, warning of even harsher repercussions if Venezuela does not submit to U.S. demands. These threats are sustaining investor fears of further regional destabilization, which in the short term should support precious metal prices until year-end highs are reached.
On the other hand, acting Vice President Delcy Rodríguez has already sought to ease tensions by emphasizing a willingness to cooperate with the United States. A lack of further escalation could therefore trigger a meaningful correction in precious metals, especially given bearish underlying fundamentals such as overbought conditions, declining central bank gold purchases, and a projected end to the platinum deficit in 2026. Continued risk appetite on Wall Street could also gradually divert capital away from precious metals.
Gold recently halted its correction near the 38.2% Fibonacci retracement of the rally that began in November, while also bouncing off the lower boundary of its upward channel. A move back above the 10-day exponential moving average (EMA10, yellow) would open the way toward the recent peak at 4,540. However, the absence of military escalation between Venezuela and the U.S. could restore downside pressure, potentially pushing prices back toward the 4,300–4,320 area. Source: xStation5
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