The Trump administration and Venezuela's state mining company have finalized a deal allowing Venezuela to sell between 650 to 1,000 kilograms of gold to US markets. Axios reported that Venezuelan-owned Minerven will sell the gold dore bars to commodities trader Trafigura, which will then distribute to US refineries.

The agreement comes after a meeting between US Interior Secretary Doug Burgum and Venezuela's interim President Delcy Rodriguez to discuss mining reforms. Rodriguez told attendees that her country would move at Trump speed to help unlock Venezuela's mineral wealth, signaling a potential new era in US-Venezuela relations.

Trump himself praised Rodriguez's work on Truth Social, noting that oil is beginning to flow between the countries. The gold deal coincides with a strong market for the precious metal, which has gained about 20% this year and hit an all-time high above $5,595 per ounce in late January.