Jarvis Prod News 2

Gold price surpasses 4500 dollars · Silver price surpasses 70 dollars…Record highs for consecutive days

Surge as U.S. invasion of Venezuela escalates

As the United States increased troop deployments in the Caribbean and military tensions between the U.S. and Venezuela escalated, on the 23rd (local time) prices of precious metals such as gold and silver reached record highs.

On that day at the New York Mercantile Exchange, the February delivery gold futures closing price rose 0.8% from the previous session to 4505.7 dollars per ounce, breaking the 4500 dollar mark.

According to Bloomberg, the spot price of gold hit an all-time high of 4525.77 dollars per ounce as of 10:21 a.m. Korean time on the 24th, and was trading at 4498.68 dollars as of 2 p.m. that day.

The Donald Trump administration, after sinking ships of drug cartels operating in the Caribbean, has recently begun seizing tankers to block oil exports, a major source of revenue for the Nicolás Maduro regime in Venezuela.

President Trump has suggested the possibility of conducting military operations on Venezuelan soil against drug cartels.

The U.S. Wall Street Journal (WSJ) reported that the U.S. military has reinforced forces, including special operations aircraft, to the Caribbean, increasing geopolitical tensions.

The spot price of silver stood at 72.2310 dollars as of 2 p.m. Korean time on the 24th.

According to Reuters, earlier the spot price of silver rose more than 3% intraday to an all-time high of 71.49 dollars per ounce, surpassing the 70 dollar per ounce level.

This year, gold and silver prices have risen by approximately 70% and 150% respectively, and are expected to post the largest annual gains since 1979, when oil prices soared after Iran's Islamic Revolution.

Shin Min-kyung, Hankyung.com reporter radio@hankyung.com