The dollar, gold and silver moved higher after a U.S. raid and the arrest of Venezuelan President Nicolás Maduro on Saturday, Jan. 3, reignited geopolitical anxieties in global markets.

The Bloomberg Dollar Spot Index climbed to its highest level in two weeks, rising as much as 0.3% to its strongest reading since Dec. 22. Yields on benchmark 10-year U.S. Treasuries slipped by one basis point, while the euro fell 0.3% and the Mexican peso weakened 0.7%.

Gold surged 1.8% to 4,409.84 dollars an ounce, while silver jumped 3.5% to 75.38 dollars. Platinum and palladium each gained about 2%. U.S. President Donald Trump said Washington plans to “govern” Venezuela, creating uncertainty over the country’s future leadership.

Developments in Venezuela suggest a relatively swift resolution rather than a prolonged military conflict, according to Christopher Wong of Oversea-Chinese Banking Corp. Wong told Bloomberg that while the situation lends some support to precious metals, U.S. dollar moves this week are likely to be driven mainly by economic data amid a heavy run of releases.

A series of U.S. reports due this week — including inflation figures and nonfarm payrolls data — are also expected to shape the dollar’s trajectory.

The episode has “reinforced the backdrop of geopolitical uncertainty,” helping to explain the rise in precious metal prices. Still, immediate risks appear contained, as developments in Venezuela suggest a quick endgame rather than an extended conflict, Wong noted.

Gold ended 2025 with its strongest annual performance since 1979, buoyed by heavy purchases from central banks and strong inflows into gold-backed exchange-traded funds. Three consecutive interest-rate cuts by the U.S. Federal Reserve also supported precious metals, which tend to benefit in low-rate environments.

Silver posted even larger gains than gold last year, climbing to levels that until recently seemed unthinkable. Beyond the factors lifting gold, silver has been boosted by robust industrial demand and its inclusion on the U.S. list of critical minerals, adding further momentum to the white metal’s rally.