AGE Daily Gold Update

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

2/11/2025: Gold eases from all-time high

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold eased slightly, dipping less than 0.1% to hold above $2,912 as new Trump tariffs lifted Treasury yields, spurring traders to take profits from bullion’s record rally. Silver slid 0.5% to finish at $32.23 an ounce.

President Trump today raised tariffs on aluminum and steel to 25% “without exceptions or exemption” in a bid to rejuvenate US industries. The measures take effect on March 12, affecting millions of tons of imports from Canada, Brazil, South Korean, Mexico, and elsewhere.

In addition, the President reiterated his intention to levy “reciprocal tariffs” on all trading partners including the EU.

Economists warn that the draconian policies risk higher inflation and trade wars that will undercut US and global economic growth. European Commission head Von der Leyen said the tariffs “will trigger firm and appropriate countermeasures.” Canadian PM Justin Trudeau said the tariffs are “unacceptable” and will result in a “clear and firm” response.

Separately, Fed Chair Jerome Powell told the Senate Banking Committee today that the US economy is on solid footing and the central bank doesn’t “need to be in a hurry” to cut interest rates further. However, he added that waiting too long “could unduly weaken economic activity and employment.”

Benchmark 10-year Treasury yields rose above 4.5% as traders weighed Powell’s mildly hawkish remarks. Higher yields pressure gold by increasing the opportunity cost for holding it instead of bonds for safety.

The markets will look towards tomorrow’s CPI release for additional pointers on the possible direction of interest rates.

Platinum and palladium slipped 0.3% and 0.1%, respectively.

At the New York spot close: gold edged down $1.80 to $2,912.50; silver shed 16 cents to $32.23; platinum retreated $3.30 to $987.10; and palladium dipped $1 to $986.80 an ounce.