Global precious metals saw a significant surge during the opening trading session on 5/1. Spot gold prices rose by 60 USD to 4,390 USD per ounce. Silver increased by nearly 3 USD, reaching 75 USD. Platinum and palladium also registered gains.

This market movement aligns with analysts' predictions from last week, who anticipated investors seeking safe-haven assets following the US strike on Venezuela and the arrest of President Nicolas Maduro and his wife on 3/1. Last year, gold prices climbed over 60%, while silver surged by 160%, partly due to global geopolitical instability.

Global gold prices surged during the first trading session of the week. Chart: Kitco.

In contrast, crude oil prices declined amid forecasts of an accelerated supply from Venezuela. Brent crude fell by 0,34 USD to 60,4 USD per barrel, and WTI crude decreased by 0,4 USD to 56,9 USD.

On 4/1, Mohamed El-Erian, former Director of bond investment giant PIMCO, stated on X: "We will likely see contrasting developments between oil and gold prices. Oil may be lower due to Venezuela's potential for increased export capacity, depending on its next leader. Gold, however, will rise due to safe-haven demand as instability escalates".

Reuters, citing close sources, reported that the US strike on Venezuela has not yet impacted the country's oil extraction and refining operations. Facilities belonging to state oil company PDVSA have also not reported any damage.

Nevertheless, in the short term, Venezuela's oil export activities are paralyzed. The country's port authorities have not received orders authorizing cargo ships to depart. Many vessels, already loaded with crude oil and fuel destined for the US and Asia, remain stranded. Others expecting to receive oil were forced to leave empty, according to data from the TankerTrackers monitoring platform. This situation may compel Venezuela to quickly reduce production as its storage tanks are now full.

By Ha Thu (according to Reuters, Kitco)