Global Tensions Drive Gold Prices Higher as Oil Eases on Venezuela Deal

Harare - International commodity prices for precious metals and industrial minerals rose sharply in the first week of January 2026, fueled by escalating geopolitical tensions and supply concerns, the Reserve Bank of Zimbabwe’s latest economic bulletin reveals.

Average gold prices increased by 2.43% to reach $4,476.32 per ounce (31.10g) for the week ending January 9, 2026.

The central bank attributed the rise to "safe-haven demand" sparked by the United States (U.S.) military strikes on Venezuela and mounting global instability.

Other precious metals followed suit, with Platinum and Palladium prices jumping 8.13% and 10.29% respectively.

Platinum was supported by market expectations of U.S. interest rate cuts, while Palladium gains were linked to momentum in the global automotive sector.

In contrast, Brent crude oil prices retreated following a US$2 billion deal by the U.S. to import Venezuelan crude oil.

The Zimbabwean central bank noted that the deal signaled additional supply entering the market, effectively easing previous supply concerns.

Industrial metals also saw significant gains, with Lithium prices soaring 10.22% and Nickel advancing 7.16%.

The bank says rise in Nickel was driven by robust Chinese demand and potential mining quota tightening in Indonesia.