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Informist, Tuesday, Jan. 6, 2026

 

NEW DELHI – The recent US military action in Venezuela has reinforced geopolitical uncertainties and drove an increase in safe-haven demand for gold, the World Gold Council said. "Yet the impact on gold in the medium-term isn't so clear with the US increasing efforts to strengthen its petro-dollar status," the council said in its weekly market monitor published Monday.

 

Over the weekend, the US special forces captured Venezuela's long-time leader Nicolas Maduro, and brought him to New York to face federal drug trafficking charges. Maduro pleaded not guilty on the above charges in a New York federal court Monday.

 

Gold was the best-performing asset class for much of 2025. The precious metal ended the year with a 67% on-year surge and hit record high levels in December, its strongest performance since 1979, the council said. Gold prices rallied in 2025 amid de-dollarisation trends and rising geopolitical tensions between Russia and Ukraine, as well as between the US and Venezuela. Attacks on each other's energy infrastructures also supported crude oil prices.

 

"Oil prices are on everyone's radar today, but social media is awash with commentary on how increased output is years and billions of dollars away. To boot, Brent and WTI futures positioning is very short. Oil and the US dollar could be key to gold's moves this week," the council said. Disruptions to Venezuelan oil supplies could spur further gains in oil and lend additional support to gold, it added. 

 

At 1332 IST, the most-active February contract of crude oil on the NYMEX was down nearly 1% at $57.87 per barrel. Prices eased due to prospects of relief on Venezuela-related sanctions and concerns over oversupply in the global market.

 

Meanwhile, the most-active February gold contract on the COMEX was up 0.4% at $4,471.3 per ounce. On gold outlook, the council said, "Gold has reversed its move to new record highs seen at the end of December to suggest a fresh consolidation/corrective phase can emerge, but with the core trend still seen higher."

 

The council noted that the recent pullback may be related to "year-end portfolio re-balancing amid its impressive rally in 2025 as well as potential profit taking which cooled gold's momentum".

For the weeks ahead, the council said geopolitical risks remain a key driver of gold. Expectations of further rate cuts by the US Federal Reserve in 2026 will also drive gold prices, it said. The market awaits the US November Job Openings & Labor Turnover Survey, due Wednesday, and the December employment report, due Friday, the council said.  End

 

US$1 = INR 90.19

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Afra Abubacker

Edited by Tanima Banerjee

 

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