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Precious metal prices have risen after the US capture of Venezuelan President Nicolás Maduro increased investors’ concerns about geopolitical risks.

Gold was about 2.2% higher at $4,424 (£3,292) an ounce, while the price of silver was up by 3.9%, as money was moved into so-called “safe-haven” assets.

Meanwhile, crude oil prices fell back and share indexes in Europe and Asia were mostly higher.

Both gold and silver hit record highs in 2025 before losing ground in the last few days of the year.

Despite dipping at the end of last year, gold still saw its best annual performance since 1979 after rising by more than 60%, reaching an all-time high of $4,549.71 on 26 December.

Those gains were driven by several factors including expectations of more interest rate cuts, major purchases of bullion by central banks and investor concerns about global tensions and economic uncertainty.

Oil fluctuated in early trade before slipping back as investors weighed whether Washington’s intervention in Venezuela would affect crude supplies. Brent crude was down 50 cents, or 0.8%, to $60.26 a barrel.

US President Donald Trump has vowed to tap into Venezuela’s vast oil reserves after seizing Maduro and said that the US will “run the country until such time as we can do a safe, proper and judicious transition”.

But industry analysts have said the move is unlikely to have an immediate impact on how much people and businesses pay for energy.

Experts have also said it would cost billions of dollars to fix Venezuela’s oil infrastructure, which has been in sharp decline since the early 2000s.

Venezuela’s crude production has been “lacklustre” for years and now only accounts for around 1% of global oil output, said investment strategist Vasu Menon from OCBC bank.

The former chief executive of BP, Lord Browne, told the BBC’s Today programme that for Venezuela to revive its oil production would take “a tremendous amount of skill investment and time”.

While there might be a “quick pick up” of some production, he added, output might actually fall while the industry is reorganising.

Stock markets in Europe opened higher, with the UK’s FTSE 100 index up 0.3% and close to the 10,000 mark that it hit for the first time on Friday.

Following the events of the weekend firms involved in the defence industry saw some of the biggest gains, with BAE Systems up 4.5% and Babcock International 3.6% higher.

Mining firms also rose following the gain in precious metals prices, with Fresnillo up 3.6%.

Share markets in Asia made gains as investors focused on news unrelated to developments in Venezuela.

Japan’s Nikkei 225 was up by 2.6% on the first day of trading of the year and new data showed that manufacturing activity stabilised in December.

Major indexes in South Korea and China were also higher.

The jumps reflect confidence that the fallout from events in Venezuela will remain distant, said Zavier Wong from investment firm eToro.

Distinguished guests, partners, and friends,

Introduction

1.               I am really happy to open the T5 in the Making exhibition today.

The Changi Story

2.               Prime Minister Wong was here just six months ago to break ground for Terminal 5, or T5.

a.               In his speech, he said that the Changi story is a reflection of the Singapore story – where we continue to defy the odds, exceed expectations, and to keep striving to reach new heights.

3.               The T5 in the Making exhibition brings this story to life.

a.               It takes us back to the decision that our founding leaders took to move the airport from Paya Lebar to Changi.

b.               It is an obvious decision now; but in the 1970s, no one could have foreseen how international air traffic would grow so rapidly.

c.                Paya Lebar’s capacity was then only 8 million passengers per year. Today, Changi already handles about 70 million. And T5 will increase Changi’s existing capacity by about 50 million passengers per year. And no expansion of Paya Lebar could have met these needs.

d.               That was of course a lot of work to make this happen. It would have been easier to expand the airport at Paya Lebar because The infrastructure was already there, and it would have been more cost effective. To create Changi Airport, we had to reclaim land along East Coast and Tanah Merah and reshape our geography. Doing so gave us the potential to expand further in the future, as we are doing now.

4.               Over the decades, Changi has fulfilled its potential, and more.

a.               It has expanded in step with the growth of global aviation

b.               New terminals were added, existing ones regularly refurbished, to maintain Changi’s world leading standards

c.                We built Jewel, which set a new bar in passenger experience.

d.               I have no doubt that the world is watching to see what T5 represents for the future of aviation.

Keeping Singapore Aviation on the Map

5.               We first announced the decision to build T5 in 2013.

a.               Not too long ago, but I was at MOT then as a public officer, not directly working on aviation, but on land transport. But I remember discussing with the airport officers the future taxi operations and being bewildered by how many more taxis we would need, with the sheer scale of T5.

b.               The decision to build T5 was one of confidence and conviction. Confidence in our future, and conviction in our ability to secure our place in a competitive world.

c.                That confidence was shaken when global aviation demand collapsed during the COVID-19 pandemic. For a moment, we were not sure what the future of aviation would hold. And we reconsidered deeply whether to proceed with T5. In the end, we decided to go ahead.

6.               The strong post-COVID recovery for global aviation shows that we made absolutely the right decision.

a.               Last year, IATA announced that the airline industry had fully recovered from its worst crisis in history. Changi’s passenger volumes have also surpassed pre-COVID levels.

b.               And the future looks bright. By 2050, global air traffic is expected to double, with Asia-Pacific leading this growth.

T5 and the Changi East Development

7.               With T5 in the Making, we will be part of this growth story.

a.               When T5 opens in the mid-2030s, we aim to increase our number of city connections from around 170 cities to over 200 cities.

b.               With T5 and the Changi East Industrial Zone, we also have the opportunity to grow our air cargo capacity, and solidify Singapore’s role as a logistics hub.

c.                And the Changi East Urban District will create a new lifestyle and business hub for both Singaporeans and visitors to connect, work, and play.

d.               You will see some of these exciting plans at the exhibition.

T5: A Terminal for the Future

8.               T5 represents the future of aviation for us. As we build T5 over the next ten years, we have to make sure that it will meet the needs of the airlines and passengers tomorrow, not just today.

9.               First, we have designed T5 to be technology-intensive – empowered by automation and AI

a.               For example, autonomous vehicles and robotics are already being trialled for labour-intensive processes, such as baggage and cargo handling

b.               To optimise airport operations, AI can be used to improve flight planning and passenger services, and respond quickly to disruptions like changing weather conditions.

10.            Second, T5 is designed to show the way for aviation sustainability.

a.               T5 will support our efforts to catalyse the use of Sustainable Aviation Fuels and new energy sources to decarbonise air travel.

b.               T5 will  also be fully electrified, and will be powered by one of Singapore’s largest rooftop solar panels.

11.            Third, T5 is designed to put the customer first.

a.               It has incorporated ideas from passengers, airlines, and airport tenants, from the layout of lounges to the design of retail spaces.  

b.               For example, passengers will have a seamless journeys from immigration to security to boarding, with personalised recommendations for dining, retail, and transit along the way

c.                And although T5 is a  bigger airport, its design reduces walking time, and consequently, transit passengers can make their connections more quickly.

Jobs and Opportunities for Singaporeans

12.            With T5, the number of jobs in the aviation sector will only continue to grow. Many of them will be new jobs, such as in data science, systems operations, and sustainability. These are areas where future Singaporeans will want to work in.

a.               Annually, there are more than 2,000 students graduating from aviation and aerospace-related courses in our Institutes of Higher Learning.

b.               It is imperative that the  sectors continue to attract its share of talent and work closely with the IHLs to make sure that the skills of our workforce remain relevant and future-ready.

Building a Next Generation Air Hub Together

13.            The construction of T5 is advancing steadily.

a.               I visited the Changi East Project Office just last week. I met the team working on the project, several of whom have been involved in the project since the very beginning  in 2013.

b.               I told them that they deserved great credit for bringing the project to where it is today.

14.            Changi Airport Group has awarded contracts, including to local contractors, for the T5 substructure, tunnel works, and early remote stands. A few days ago, you might have read  media reports on the progress of the T2 to T5 inter-terminal connection tunnel. In the next few weeks, Changi Airport Group will also be launching the superstructure tender.  

15.            Changi Airport is regarded by many as one of the best, if not the best, airports in the world. This success is thanks to the hard work and collaboration of all our OneAviation family. 

16.            Delivering T5 will require a whole-of-ecosystem effort. I am glad that Changi Airport Group and CAAS have been working closely alongside airlines, ground handlers, contractors, tenants, technology partners, and crucially, our unions and workers to make Changi what it is today – a beacon of Singapore’s excellence.

17.            Through the exhibition T5 in the Making, I invite all Singaporeans to join the One Aviation Family, as we build T5 and the future of aviation together.

Thank you.