AGE Daily Gold Update

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

2/10/2025: Gold rockets past $2,900

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold surpassed $2,900 for the first time ever, rocketing 1.6% higher to finish above $2,914 on safe-haven inflows after the White House announced yet more tariffs, triggering new concerns about inflation and global trade. It was the seventh record close this year for bullion. Silver added 0.2% to finish at $32.29 an ounce.

President Trump said yesterday that he will impose new 25% tariffs on all steel and aluminum imports, separate from the 25% already promised against Canada and Mexico in less than 30 days. Furthermore, he will place reciprocal tariffs imports from China, Japan, Taiwan, and the EU.

Economists have warned that the large levies on imported goods would boost prices to businesses and consumer just as the Fed is making progress toward lowering inflation. In addition, retaliatory tariffs could chill trade and harm global growth.

Benchmark 10-year Treasury yields slipped on flights to safety, boosting gold by decreasing the opportunity cost for holding it instead of bonds.

The dollar added 0.2% against major rivals as traders speculated that higher tariffs would prevent the Fed from cutting interest rates.

Platinum and palladium added 1.6% and 1.4%, respectively.

At the New York spot close: gold gained $47 to $2,914.39; silver added 6 cents, $32.39; platinum picked up $15.15 to $990.40; and palladium rose $13.25 to $987.80 an ounce.