Geopolitical Firestorm: Gold Hits Record $4,630 as 'Trump Doctrine' Roils Energy Markets

LONDON/SINGAPORE – A resurgence of aggressive US foreign policy actions, dubbed by some analysts as the return of the “Monroe Doctrine,” has ignited a flight to safety across commodity markets, driving Gold (XAU/USD) to a fresh all-time high above $4,630/oz.

The premium for geopolitical risk has effectively decoupled asset prices from traditional supply and demand fundamentals. While US commercial crude inventories saw a significant build of over 5 million barrels, Brent Crude and WTI have continued to rally, driven by fears of imminent supply disruptions.

The Triple Threat

• Iran: Threats of “tit-for-tat” retaliation against US assets have raised the specter of a Strait of Hormuz closure.
• Venezuela: The freezing of USDT (Tether) assets linked to Venezuelan oil revenue signals a tightening of the financial noose, potentially removing supply from the grey market.
• Tariff Wars: The threat of a 25%US tariff on nations trading energy with Tehran is forcing a rewiring of global trade routes.

The 'Resource Nationalism' Trade

Silver has joined the rally, surging over 4% to breach $90.50, driven by industrial demand meeting investment hoarding. Analysts point to “Resource Nationalism” as the key theme for 2026. As great powers weaponize trade access and currency reserves, neutral assets like precious metals are being bid up not just by speculators, but by sovereigns seeking immunity from sanctions.

“The market is no longer trading on inventory reports,” notes an energy analyst from OCBC. “It is trading on the probability of kinetic conflict and the weaponization of the Dollar.”