Spot gold was up 0.9% at $4 488.10 per ounce by 18h50 CAT, after a nearly 3% gain in the previous session, bringing prices closer to the record high of $4 549.71 hit on December 24. US gold futures for February delivery advanced 1% to $4 496.
“Precious metals traders see more risk on the horizon than stock and bond traders do at present,” said Jim Wyckoff, Senior Analyst at Kitco Metals, adding that the weekend US raid on Venezuela has fueled continued safe-haven demand for gold and silver.
Toppled Venezuelan President Nicolas Maduro pleaded not guilty on Monday to narcotics charges, after the US seized him and took him to New York over the weekend. Gold, considered a traditional safe haven, climbed 64.4% last year, logging its best annual performance since 1979.
Market participants are also looking to Friday’s US monthly employment report, which is anticipated to show 60 000 jobs added in December, a slight drop from 64 000 the previous month.
–Reuters–
