Just weeks after US President Donald Trump ousted Venezuelan President Nicolas Maduro from power, a major deal of 1000 kg of gold has been signed between the two countries. In fact, after the arrest of Nicolas Maduro in an alleged drug case, there has been a major change in the power of Venezuela. This change gave the US the opportunity to gain direct control over Venezuela’s oil reserves. Now in this context a huge deal for export of gold has been made. According to a report by Axios, an important agreement has been signed between Venezuela’s state mining company ‘Minerven’ and commodity trading company ‘Trafigura’. Under this, gold dore bars weighing up to 1000 kg will be sent to the American market. According to the report, the final purity of this gold will be 98 percent. In this entire process, Trafigura will transport this gold to the markets there under a separate arrangement with the US government.
New chapter of US-Venezuela friendship
After Maduro’s removal from power, trade relations between America and Venezuela are strengthening rapidly. On March 4, 2026, an important meeting took place between Venezuelan Acting President Delsey Rodriguez and US Interior Secretary Doug Burgum at the Miraflores Presidential Palace in Caracas. The main agenda of this meeting was to discuss mining reforms and mineral extraction.
This is the third extraction contract signed by the Trump administration since the US took control of Venezuela’s most valuable resource, oil. Apart from this, Trafigura company is also actively involved in oil deals worth $1 billion between America and Venezuela. The US President is so excited with this new partnership that he has praised the work of Delcy Rodriguez on his social media platform ‘Truth Social’. He clarified that the supply of oil has started smoothly and this growing commercial coordination between the two countries is a great step.
Gold and silver prices are increasing rapidly
These international developments and the increasing tension between America, Israel and Iran have had a direct impact on gold, which is considered a safe investment. Spot gold in the global market has increased by 0.8% to $ 5,177.33 an ounce. At the same time, an increase of 1% has been recorded in American gold futures for April delivery.
If we talk about the Indian market, on Thursday the price of 24 carat gold on MCX increased by 0.6% to a record level of Rs 1,62,542 per 10 grams. Silver is also not lagging behind and its price has increased by 1.86% to Rs 2,70,501 per kg. The recent fall in the dollar (about 0.4%) and rising crude oil prices have also supported gold.