Gold extends gains, settles above $4,450

February gold futures climbed 2.8% to $4,451.5 an ounce

Gold prices rose sharply at the close of Monday’s session, driven by rising global geopolitical tensions following a US attack on Venezuela, with additional support from a modest pullback in the US dollar.

February gold futures climbed 2.8%, or $121.9, to $4,451.5 an ounce, after touching an intraday high of $4,467.6.

The dollar index, which measures the greenback against a basket of major currencies, slipped 0.15% to 98.26 at 11:12 p.m. Mecca time, after earlier rising to 98.86.

The United States carried out a limited and precise military operation in Venezuela on Saturday, during which it abducted Venezuelan President Nicolas Maduro and transferred him to US territory ahead of a planned trial on allegations of supporting drug trafficking and terrorism.

Markets are now awaiting the release of the US monthly jobs report on Friday, seeking further clarity on the outlook for Federal Reserve policy and that of other major central banks this year.