AGE Daily Gold Update

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

2/7/2025: Gold notches 2% weekly win

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold added 0.4% to close at a new record high above $2,867 despite upticks in Treasury yields and the dollar as investors continue to seek protection from the uncertainty surrounding Trump administration tariff policies. Bullion surged 2% this week to mark six straight weeks of gains. Silver slid 0.6% to finish at $32.34 for a weekly rise of 0.7%.

The much-anticipated federal nonfarm payrolls report showed 143,000 new jobs were added in January, shy of the 170,000 forecast, while November and December figures were revised higher by a total of 100,000. The unemployment rate dropped to 4% from 4.1% in December.

The mixed job report gives the Fed cover to take its time with additional rate cuts. Fed fund futures traders now we a 92% chance the Fed stands pat in March, up from 82% yesterday.

Speaking today, several Fed officials said the ongoing resilience of the labor market and uncertainty surrounding the consequences of tariffs for inflation and economic growth puts them in no hurry to further reduce interest rates.

Separately, consumer sentiment fell sharply in February as Americans grow increasingly worried about the fallout from Trump tariffs. Inflation expectations over the next year jumped to 4.3% from 3.3% in January.

Meanwhile, the Whie House said today that it will levy “reciprocal tariffs” on all trading partners who put tariffs on US imports. These new duties are on top of the 10% tariffs already pointed at China and the 25% tariffs on Mexico and Canda that have been postponed for 30 days.

Benchmark 10-year Treasury yields edged up slightly but held under 4.5% on the slightly hawkish rate view. Tracking with yields the dollar added 0.4%.

Platinum fell 1.1% for the day and 0.7% for the week. Palladium lost 0.9% for a weekly loss of 3.9%.

At the New York spot close: gold gained #11.30 to $2,867.30; silver slid 18 cents to $32.34; platinum shed $11 to $975.25; and palladium dropped $8.50 to $974.50 an ounce.