AGE Daily Gold Update

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

1/6/2025: Gold dips on tariff confusion

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold dipped 0.2% as Treasury yields rose ahead of key economic data this week, prompting traders to take profits from bullion’s 1.1% rally last week. Conflicting reports about President-elect Trump’s plans for tariffs also stirred the markets. Silver rose 54 1.8% to finish at $30.34 an ounce.

Confusion over Trump tariff policies drove volatility today after the Washing Post reported his aids signaled that a less-aggressive approach would be likely. Rather than huge blanket tariffs against all trading partners, as promised, the scaled down plan would apply only to imports critical to national or economic security.

Softer tariffs would be less inflationary and more conducive to economic growth, at least in the short term.

But Trump took to his media platform Truth Social to deny the report, causing whiplash in financial markets. The Dow toggled from big gains to small losses, the dollar from small gains to small losses.

Benchmark 10-year Treasury yields rose in choppy trade, pressuring gold by increasing the opportunity for holding it instead of bonds for safety.

Traders await a series of economic releases this week, including the JOLTS report on job openings tomorrow, the ADP private payroll report midweek, and the all-important federal nonfarm payrolls report on Friday.

Platinum dropped 0.6% and palladium rose 1%.

At the New York spot close: gold dipped $6.60 to $2,638.40; silver climbed 54 cents to $30.34; platinum shed $5.30 to $929.30; and palladium picked up $9.40 to $925 an ounce.