NEW YORK, January 3, 2026, 06:26 ET — Market closed
- U.S. strikes in Venezuela add a fresh geopolitical risk premium heading into the first full trading week of 2026.
- Gold ended Friday near $4,313/oz in spot trade; U.S. February futures settled down 0.3% at $4,329.60.
- Traders’ next focus is Jan. 9 U.S. jobs data and what it means for Federal Reserve rate cuts.
Gold is set for a headline-driven start to next week after the United States struck Venezuela overnight, a move President Donald Trump said ended with President Nicolás Maduro captured and flown out of the country. A U.S. official told Reuters Maduro was seized by elite special forces, but Caracas did not confirm the claim and declared a national emergency after explosions in Caracas and other areas; Trump said he would give more details at an 11 a.m. ET press conference at his Mar-a-Lago resort in Florida. Reuters
Gold, a safe-haven asset that investors typically buy when conflict risks rise, has been trading near record territory, leaving it sensitive to weekend geopolitical shocks. The other driver is U.S. interest rates: lower yields make the metal more attractive because it does not pay interest.
Traders head into the first full week of 2026 with U.S. jobs data due on Jan. 9, with economists in a Reuters poll looking for 55,000 payroll gains and unemployment at 4.6%. Fed funds futures—derivatives that reflect expectations for the policy rate—imply little chance of a cut at the late-January meeting and close to a 50% chance of a quarter-point reduction in March, Reuters reported. A U.S. consumer price index report is due on Jan. 13, with fourth-quarter earnings season kicking off the same day with JPMorgan. Reuters
Spot gold was steady at $4,313.29 per ounce as of 1:46 p.m. ET on Friday, after rising as high as $4,402.06, while U.S. gold futures for February delivery settled 0.3% lower at $4,329.60; spot silver gained 0.7% and platinum jumped 3.5%. Bullion hit a record $4,549.71 on Dec. 26 and rose 64% in 2025 as investors leaned on rate-cut bets and geopolitical hedges. “Technically, February gold futures bulls’ next upside price objective is to produce a close above solid resistance at the contract/record high of $4,584,” said Jim Wyckoff, senior analyst at Kitco Metals. Reuters
The Venezuela shock adds a fresh geopolitical layer and may lift safe-haven demand when markets reopen, but the gold market will want clarity on how long U.S. operations last and whether the episode spreads. Any escalation that threatens energy flows tends to feed inflation expectations, a swing factor for rates and bullion.
In the week ahead, gold’s direction still hinges on the U.S. dollar and Treasury yields. A firm jobs report can push yields higher and cap bullion, while a weaker print reinforces rate-cut expectations and often draws buyers back to gold.
Price action around $4,300 has become an immediate battleground after Friday’s swings, with the $4,402 intraday peak the nearest upside marker. A move toward the Dec. 26 record at $4,549.71 would likely require either sustained risk aversion or a sharp shift lower in yields.
If the Venezuela headlines fade quickly, gold may settle back into a range as investors refocus on U.S. data and positioning after last year’s surge. Volatility should stay elevated: markets are digesting both geopolitics and a still-uncertain path for 2026 rate cuts.
Physical demand has started to reappear as prices cooled from their highs, offering a potential floor on dips. In India, dealers charged premiums of up to $15 an ounce over domestic prices this week, while China flipped to a $3 premium; domestic Indian prices were around 136,700 rupees per 10 grams, Reuters reported. Reuters
Longer term, a Financial Times survey of 11 analysts pointed to gold ending 2026 near $4,610 an ounce on average, with central-bank buying and safe-haven demand cited as support. Forecasts ranged from $3,500 to $5,400, underscoring how quickly sentiment can swing when geopolitics and rate expectations collide. Financial Times
Before next session: Traders will listen for more detail on the Venezuela operation and any response from Caracas, its allies and the oil market. The first price signal will come when trading reopens after the weekend.
The next macro catalyst is Friday’s U.S. jobs report, which could reset expectations for March and beyond. Any surprise on wages or unemployment could spill into the dollar and real yields, two inputs that often steer gold day-to-day.
On the chart, $4,300 is a near-term pivot, while a break above $4,402 opens a run at the Dec. 26 record and Wyckoff’s $4,584 resistance marker. A close back below $4,300 would warn that profit-taking is regaining control.
