AGE Daily Gold Update

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

4/25/2025: Gold slips on easing trade tension

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold slipped 1.5% to close under 3,283 as easing trade tensions with China lifted the dollar and eroded demand for safe havens. Bullion slipped 0.8% for the week. Silver fell 1.2% to 33.03 but still scored a weekly rise of 1.9%.

China has exempted some US imports from its 125% tariffs, including pharmaceuticals, while considering lower duties on 131 overall product categories. The move appears to des-escalate the trade war that has all but paralyzed commerce between the world's two largest economies.

Beijing was quick to add that no actual negotiations are taking place with Washington despite President Trump's claims to that effect.

The S&P 500 and Nasdaq rose 0.6% and 1.5%, respectively, on the easing trade tensions. The Dow slipped slightly lower, having fewer tech companies that will directly benefit from lower tariffs.

The dollar rose on the shifting trade outlook, adding 0.1% against major rivals on the way to its first weekly rise in a month. A stronger dollar weighs on gold and other commodities by making them prices overseas.

Platinum slid 0.7% today but was virtually unchanged for the week. Palladium dropped 1.1% for a weekly loss of 2.3%.

At the New York spot close: gold dropped $49.60 to $3,282.40; silver slid 45 cents to $33.03; platinum shed 6.50% to $969; and palladium slipped $10.15 to $962.60 an ounce.

4/24/2025: Gold rebounds on trade worries

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold rebounded 1.7% to close at $3,332 as renewed concerns about the trade war with China stoked demand for safe havens. Silver added 0.1% to finish at $33,48 an ounce.

One day after the White House signaled progress in trade negotiations and its openness to reducing China tariffs to around 60%, China refuted that any talks had taken place and demanded that all "unilateral tariff measures" be lifted.

Hope for a quick end to the trade impasse sparked a risk rally on Wall Street yesterday, lifting the dollar and knocking gold sharply lower after it hit a series of all-time highs.

Stock market carried over to today, with the Dow and S&P 500 rising another 1.2% and 1.9%, respectively, while the Nasdaq added 2.5%.

But the dollar reversed course, falling 0.7% against major rivals as traders returned to dependable safe-haven currencies like the yen and Swiss franc. A falling dollar supports gold by making it cheaper overseas.

US home sales fell more than expected in March as high mortgage rates and pessimism about the economy stymied would-be buyers.

Platinum added less than 0.1% and palladium rose 1.1%.

At the Ne York spot close: gold gained $55.70 to $3,332; silver sipped 4 cents to 33.48; platinum added 80 cents, to $975.50; and palladium picked up $10.254 to $954.25 an ounce.

4/23/2025: Gold tumbles on risk appetite

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold tumbled 3.7% to close near $3,276 as risk appetite rebounded after the White House signaled a possible de-escalation in the trade war with China and President Trump softened his rhetoric against the Federal Reserve. Silver rose 2% to 33.52 an ounce.

According to Reuters, the White House is amenable to lowering tariffs on imports from China, dropping them to around 60% from the current 145% as part of trade talks. The news comes one day after Treasury Secretary Scott Bessent privately told a conclave of major investors that the China tariffs are "unsustainable."

Wall Street leapt at the possibility of trade war relief, with the Dow and S&P 500 rising 1% and 1.7%, respectively, and the Nasdaq 2.5%.

Adding to risk appetite, the President backed away from his fiery criticism of Fed Chair Jerome Powell. Trump's attacks on the Fed roiled the markets this week, as Fed independence is considered the bedrock of global confidence in the dollar and Treasurys, both of which have seen major liquidations by foreign investors recently.

The dollar added 0.6% against major rivals but hovered near multi-year lows.

Despite today's correction, bullion has still gained nearly 30% this year and hit 28 record highs.

JP Morgan raised its gold price forecast to $4,000 by Q2 of next year, citing aggressive demand for bullion by global central banks and an increased likelihood of recession because of tariffs.

Platinum climbed 2.1% and palladium picked up 0.4%.

At the New York spot close: gold tumbled $124.50 to $3,276.30; silver rose 64 cents ot $33.52; platinum gained $20.30 to $971.70; and palladium picked up $4.120 to $944 an ounce.

4/22/2025: Gold eases but holds $3,400

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold dipped less than 0.2% but still held near a record high above $3,400 as equities rallied on some positive earnings reports and the dollar perked up on the possibility of easing trade tensions with China. Silver jumped 1.2% to finish at $32.88 an ounce.

The dollar rebounded 0.6% against major rivals after Bloomberg reported that Treasury Secretary Scott Bessent told a closed-door investor summit that the current trade tensions with China are unsustainable and should de-escalate soon.

A rising dollar weighs on gold by making it pricier overseas. But even with today's bounce, the buck is hovering near a 3-year low. President Trump's increasing pressure on the Fed, potential undercutting its independence, has been a driver of dollar weakness, which in turn supports higher gold.

The metal is further supported by uncertainty over trade policies and the rising possibility of global recession. The IMF warned today of slowing global growth because of trade wars, upping the odds of global recession 30% from 17% in October.

All three major US stock indexes rose more than 2%, clawing back some of yesterday's 3% plunge, as a round of positive earnings prompted bargain-hunters to enter the market.

Platinum fell 0.5% while palladium was flat.

At the New York spot close: gold eased $5.40 to $3,400.80; silver rose 38 cents to $32.88; platinum slid $4.40 to $953.40; and palladium was virtually flat at $939.80 an ounce.

4/21/2025: Gold surges past $3,400

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold surged another 3% to close at a new record high above $3,406 as trade war worries and new threats against the Fed by President Trump rattled the markets, driving investors toward safety. Silver added 0.2% to finish at $32.50 an ounce.

Trump launched another scathing attack on Fed Chair Jerome Powell, trying to pressure the Fed into lowering interest rates to offset the economic damage caused by his aggressive and confusing trade policies.

The tone and intensity of the President's criticism of his own appointee rattled the markets, as investors are becoming increasingly uncertain whether the central bank can remain independent. The White House is reportedly seeking ways to terminate Powell's tenure unless he cooperates.

The dollar plunged more than 1% to a three-year low against major rivals led by the Swiss franc, a go-to safe-haven currency. A weaker dollar lifts gold by making it cheaper overseas.

Against this backdrop, the trade wars took a new turn as China accused the US of abusing tariffs and warned other targeted nations not to strike deals at its expense.

Al three major US equity indexes tumbled more than 3%.

Platinuma and palladium slid 0.4% and 2.4%, respectively.

At the New York spot close: gold surged $97.50 to $3,406.20; silver added 8 cents, $32.50; platinum dipped $4.40 to $964.80; and palladium shed $22.80 to $939.80 an ounce.

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.