(Web Desk) – Gold prices broke past $4,500 in Asian trade Wednesday on optimism that the Federal Reserve will continue cutting interest rates next year, and amid rising tensions between the United States and Venezuela.
Gold rallied above $4,500 for the first time to a peak of $4,525.77 per ounce, while silver hit $72.70 an ounce, with US-Venezuela tensions adding to expectations the Fed will keep cutting rates next year.
The gold rally has seen the glittering metal surge more than 70 percent since the start of 2025.
Geopolitical worries have grown as Washington continues to put pressure on Caracas with a blockade of sanctioned oil vessels sailing to and from Venezuela.
And on Monday, US President Donald Trump said Venezuelan President Nicolas Maduro would be “smart” to step down, as he ramps up military operations and threats.
The yen extended its recent rebound against the dollar after Japan’s Finance Minister Satsuki Katayama suggested authorities were prepared to step in to finance markets to support the currency, citing speculative moves in markets.
