AGE Daily Gold Update

AGE Daily Gold Update presents a recap on today's action in the precious metals markets. View archives.

4/17/2025: Gold eases on profit-taking

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold eased 0.5% to close under $3,309 as Treasury yields edged higher on signals of a possible trade deal with Japan, prompting trades to take a little profit from yesterday's monumental 3.3% surge. Silver slid 1.6% to finish at $32.42 an ounce.

President Trump unexpectedly participated in talks between US and Japanese trade representatives, saying afterward that "big progress" was made and a deal is likely soon.

Desperate for any shred of good news about tariffs, Wall Street ran with Trump's words, lifting the S&P 500 higher by 0.2%. The Dow and Nasdaq still fell on earnings concerns.

Benchmark 10-year Treasury yields crept higher on the uptick in risk appetite, pressuring gold by increasing the opportunity cost for holding it instead of bonds for safety. The dollar was virtually flat, hovering near 3-yea lows.

New home construction tumbled 11.4% in March as high mortgage rates and souring consumer outlook weighed on prices and sentiment.

Platinum added 0.2% while palladium fell 1.4%.

At the New York spot close: gold slipped $17.90 to $3,308.70; silver shed 53 cents to $32.42; platinum picked up $1.60 to $969.30; and palladium dropped $13.40 to $962.60 an ounce.

4/16/2025: Gold rockets past $3,300

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold rocketed 3.4% higher to a new all-time high near $3,327 as the dollar plunged further and investors scrambled for cover from unpredictable US trade policies. Silver added 0.4% to finish at $32.95 an ounce.

President Trump ordered an investigation into tariffs on all imports of crucial minerals, apparently hoping to pressure trading partners into striking bargains for US exports. The move follows China’s retaliatory statement that it will no longer ship these critical metals and elements to the US.

Fed Chair Jerome Powell acknowledged today that the fallout from Trump tariffs, including higher inflation and slower growth, are likely to be greater than anticipated. He stressed that the Fed is “obligated” to keep inflation expectations under control, and that the central bank can wait “for the time being” before cutting interest rates.

All three major US stock indexes dropped sharply after Powell’s comments, with the Dow and S&P 500 losing 1.8% and 2.3%, respectively, while the Nasdaq tumbled 3.2%.

Benchmark 10-year Treasury yields retreated under 4.3% as investors fled to the perceived safety of US government debt. Lower yields help gold by reducing the opportunity cost for holding it instead of bonds for safety.

The dollar plunged nearly 1% to hover near a 3-year low against major rivals as Forex traders continue eschew it for more dependable safe-haven currencies like the yen and Swiss franc. A falling dollar supports gold and other commodities by making them less expensive in other currencies, increasing overseas demand.

Gold has now risen almost $700 in 2025, propelled by chaotic US trade policies, weakness in the dollar, and aggressive purchases by central banks.

Platinum rose 1% while palladium dipped 0.2%.

At the New York spot close: gold surged $107.90 to $3,326.60; silver rose 61 cents to $32.95; platinum picked up $9.50 to $967.70; and palladium slipped $2.10 to $976 an ounce.

4/15/2025: Gold rises as dollar falls

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained 0.4% to close near $3,219 as the dollar fell further and investors sought refuge from tariff confusion. Silver added 0.8% to 32.34 an ounce.

With President Trump's tariff plans changing almost daily, sparking massive selloffs in global markets when he declares a new target, followed by tepid recoveries when he changes his mind, demand for safe havens continue to build.

Today, Trump suggested that he might suspend the 25% tariffs on autos and auto parts imposed earlier this month. Wall Street found some solace, rising early in the session only to slide back into losses on the uncertainty about the dependability of this signal.

The dollar fell further against major rivals as Forex traders shifted to more dependable safe-haven currencies like the Swiss franc and yen. The buck has tumbled nearly 4% since the "Liberation Day" decree of tariffs on all US trading partners. A weaker dollar boosts gold and other commodities by making them cheaper in other currencies, lifting demand overseas.

Gold has risen more than 23% this year, driven by safe-haven demand among retail investors, institutional investors, and central banks.

Platinum and palladium added 1.2% and 1.5%, respectively.

At the New York spot close: gold gained $13.90 to $3,218.70; silver added a quarter, to $32.34; platinum picked up $11.60 to $960.20; and palladium rose $14.90 to $978.10 an ounce.

4/14/2025: Gold slips on risk appetite

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold slipped 0.5% to close under $3,205 after the White House exempted some Chinese imports from its mammoth tariffs, rekindling risk appetite and prompting traders to take profits from bullion’s 7% rise to a new record high last week. Silver added 0.8% to finish at $32.09 an ounce.

President Trump suddenly decided to exempt 20 product types from his 145% tariffs on Chinese products over the weekend. Mostly cell phones and electronics, the items comprise roughly 23% of US imports from China.

Following last week’s 90-day suspension of many of the “reciprocal” tariffs announced just days before, the new exemptions were welcomed by Wall Street, but nonetheless added to the uncertainty and apparent caprice surrounding US trade policies.

All three major US equity indexes rose as investors sought bargains after the recent tariff-induced selloffs. The Dow and S&P 500 picked up 0.9% while the Nasdaq added 0.7%.

Benchmark 10-year Treasury yields slipped under 4.4% after spiking higher last week on panicked selling of US government debt, again driven by uncertain over US financial policies. The dollar also retreated, losing 0.4% against major rivals.

Fed Governor Christopher Waller said today that the Fed may need to cut interest sooner and by more than planned if Trump’s tariffs cause the economy to stall.

Platinum and palladium rose 1.5% and 4.5%, respectively.

At the New York spot close: gold slid $117.40 to $3,204.80; silver rose 27 cents to $32.09; platinum picked up $14.30 to $948.60’ and palladium jumped $41.35 to $963.20 an ounce.

4/11/2025: Gold surges above $3,200

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold climbed another 2.1% to close at $3,222.20, a new all-time high, as the dollar plunged and Treasury yields surged on tariff-driven worries about the economy and US financial markets. Bullion rose 7% for the week. Silver added 3.7% to $31.84 for a weekly rise of 9%.

China increased tariffs on US goods to 125%, matching the increase declared by President Trump yesterday. The exploding trade war effectively discontinues commerce between the world’s two biggest economies, affecting around $650 billion in goods and risking global recession.

The dollar plunged another 0.8% against major rivals as currency traders, given the volatility and confusion surrounding US trade policy, shift to the yen and Swiss franc for safety.

Signifying of how oddly the markets are behaving, benchmark 10-year Treasury yields climbed this week by the most since 1981 as global investors sold off US government debt. Typically, during periods of global market turmoil, Treasurys are purchased for safety, driving yields down. This is because US government debt is considered the most liquid and dependable in the world.

But such confidence has apparently been shaken this week as tariff tumult spurred massive liquidations and traders, rather than buying Treasurys, sold them. The premium demanded to hold US government debt rather than German bunds rose by the most since the 1990s.

Solid auctions midweek for 10-year and 30-year Treasurys help to staunch the selloff but economists remain concerned. Susan Collins of the Boston Fed felt compelled to offer reassurances that the Fed would intervene to keep financial markets functioning.

None of this is normal. Some economists are calling it a “Lehman moment,” referring to the bankruptcy that triggered the financial crisis of 2008. And all of it is driving gold to new all-time highs as investors seek shelter.

Platinum rose 1.3% today and 3.6% this week, Palladium dipped 0.4% for a week loss of 0.3%.

At the New York spot close: gold gained $67 to $3,222.20; silver surged $1.15 to $31.84; platinum picked up $11.90 to $934.30; and palladium dipped $3.25 to $921.85 an ounce.

4/10/2025: Gold rockets to new record

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold rocketed another 3.2% higher to close at a fresh all-time high above $3,155 as equities and the dollar tumbled on President Trump’s escalating trade war with China. Silver rose 1.3% to finish at $30.67 an ounce.

With some $650 billion in goods at stake, the White House jacked up new tariffs on Chinese imports from 104% to 125% yesterday, fueling global concerns about a damaging trade war between the world’s two biggest economies.

The aggressive move came after China responded to Trump’s 104% tariffs by imposing 78% duties on US goods. Combined with the 20% “reciprocal” tariff already in place, the duties on goods from China now total 145%. While tariffs are paid into Treasury coffers by importers, they are typically passed along to consumers.

After rallying yesterday on news that Trump will suspend new tariffs on most other nations for 90 days, Wall Street’s selloff resumed today on the ongoing uncertainty caused by US trade policies. The Dow fell 2.5% while the S&P 500 lost 3.2% and the Nasdaq 4%.

Against this volatile backdrop for consumer prices, the CPI fell 0.1% last month for its first monthly decline since May 2020, pulling the 12-month inflation rate down to 2.4% from 2.8% in February. But these prices do not reflect the recent barrage of tariffs.

The dollar plunged 1% against major rivals, pressured by uncertainty about US policy and rising demand for safe-haven currencies like the Swiss franc and yen. A falling dollar boosts gold and other commodities by making them cheaper overseas.

Platinum picked up 1.5% while palladium was flat.

At the NE York spot close: gold gained d$98.70 to $3,155.20; silver rose 39 cents to $30.67; platinum added $13.80, to $922.40; and palladium was virtually unchanged at $925.10 an ounce.

4/9/2025: Gold jumps 3% on China tariffs

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold surged 3% to close above $3,056 as the escalating trade war between US and China undercut the dollar and stoked safe-haven inflows. It was the best day for bullion since March 2023. Silver climbed 2.5% to $30.23 an ounce.

One day after ratcheting up tariffs on China to 104%, President Trump raised them again, this time to 125%, prompting fresh concerns that the burgeoning trade war with the biggest US trading partner could spin out of control. The unexpected move came in retaliation for China’s tit-for-tat decision to put 84% duties on US goods.

At the same time, the White House paused the so-called reciprocal tariffs on other nations. After more than a week of carnage in the equities markets, Wall Street cheered the decision. The Dow and S&P 500 soared 6% and 7.3%, respectively, while the Nasdaq rockets 9.4% higher.

Yet the demand for safe-haven assets continued as investors sought protection from the suddenly chaotic nature of US trade policy.

The tariff tumult almost completely overshadowed the release of the Fed’s minutes from its last meeting, an event that ordinarily drives the markets. Notably, the committee members voiced concern that the new trade policies could lead to stagflation, a pernicious combination of rising prices and growth.

The dollar fell 0.3% against major rivals led by the Swiss franc and yen, both of which are seen as haven currencies.

Platinum and palladium added 1% and 1.4%, respectively.

At the New York spot close: gold gained $88.10 to $3,051.50; silver climbed 73 cents to $30.23; platinum picked up $9 to $908.60; and palladium rose $12.70 to $925.90 an ounce.

4/8/2025: Gold gains on tariff turmoil

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained 0.6% to close above $2,968 as stocks plunged and the dollar retreated on new tariff turmoil. Silver added 0.3% to finish at $29.59 an ounce.

Upping the ante on a global trade war, President Trump declared new tariffs totaling 104% on goods imported from China, effective shortly after midnight. The stunning move came in response to China's refusal to lift its own retaliatory tariffs on US goods, enacted after the White House imposed its "reciprocal" tariffs on virtually every trading partner.

After initially rallying more than 3% on rumors that tariffs might be paused for 90 days, Wall Street fell deeply into the red after the additional China duties were announced, renewing worries about inflation and economic stagnation.

The dollar dropped 0.3% against major rivals, boosting gold and other commodities priced in it for global trade by making them less expensive in other currencies.

Fed fund futures traders have upped their bets that the Fed will intervene to prevent the fallout from tariffs from tanking the economy. The odds of a rate cut in May rose to 56% after the new China tariff announcement, up from 40% earlier in the day.

Platinum and palladium each climbed 0.6%.

At the New York spot close; gold gained $17.10 to $2,968.80; silver rose 8 cents to $29.59; platinum picked up 5.60 to $899.60; and palladium added $5.45, to $913.20 an ounce.

4/7/2025: Gold slides on stronger dollar

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold fell 2% to close under $2,952 as turmoil from Trump tariffs continued to roil markets, driving investors into cash and lifting the dollar. Silver rebounded 1.3% to $29.51 after last week's crushing 14% loss.

President Trump threatened to impose 50% tariffs on China today in reaction to that nation's retaliatory 34% duties on US goods. The move reinforced fears that a global trade war has begun, one that could push the economy into a recession.

The dollar bounced 0.2% higher against major rivals as investors went to cash, seeking safety in traditional haven currencies like the buck, Swiss franc, and yen. A rising dollar makes gold more expensive overseas.

After losing some $5 trillion value last week with the onset of Trump's unprecedented new trade policies, Wall Street stabilized today, with major indexes hovering between small gains and losses.

Benchmark 10-year Treasury yields also ticked higher as traders bet that the deepening trade war will stoke inflation, forcing the Fed to keep interest rates elevated.

Platinum and palladium fell 0.8% and 1.8%, respectively.

At the New York spot close: gold dropped $60.70 to $$2,951.30; silver rose 39 cents to $29.51; platinum dipped $8 to $894; and palladium shed $16.90 to $907.75 an ounce.

4/4/2025: Gold falls on Trump tariffs

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold plunged 2.7% to close at $3,012 as global stock indexes melted down for a second day, forcing investors to take profits from liquid assets to cover losses in other areas. Bullion slid 2% for the week. Silver shed 8.8% to $29.12, posting a weekly loss of 14%.

Following President Trump's imposition of huge new tariffs on virtually every nation, China retaliated with additional duties of 34% on US goods, confirming fears that a destructive trade war has begun.

Wall Street crumbled for a second day, with all three major US stock indexes plummeting more than 5%. European and Asia markets saw similar carnage. The S&P 500 has lost more than $4 trillion in two days, breaking the record $3.3 trillion two-day loss suffered in March 2020, when then-President Trump shut down the US economy because of Covid.

Government bonds have rallied around the world, driving yields lower, as fears of a global recession mount and investors flee to safety. Benchmark 10-year Treasury yields fell under 4%.

Against this backdrop, the US labor market showed surprising strength in March, adding 228,000 jobs, far exceeding forecasts. Payrolls were increased by the return of striking supermarket workers.

But Fed Chair Jerome Powell said today that "larger than expected" tariffs are likely to harm the labor market and lift inflation, suggesting that the Fed is unlikely to reduce interest rates in the coming months.

Further pressuring gold, the dollar rose 0.8% against major rivals on the prospect that interest rates may remain higher for longer. A stronger dollar weighs on gold and other commodities by making them pricier on other currencies.

Platinum fell 4.3% today and 8.9% this week. Palladium dropped 1.1% for a weekly loss of %.6%.

At the New York spot close: gold fell $85 to $3,012; silver shed $2.73 to $29.12; platinum lost $40.50 to $902; palladium slid $10 to $924.65 an ounce.