AGE Daily Gold Update

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

3/7/2025: Gold Edges Lower as Turbulent Week Concludes

Source: Dana Samuelson, American Gold Exchange

Austin — Gold edged lower 0.4% while silver fell 1.6% in the New York trading session today following the release of the highly anticipated BLS non-farms payroll report indicating 151,000 new jobs were created in February, slightly below analyst’s expectations.

The employment report indicated job creation was easing modestly with the three-month average falling from 236K to 200K new jobs per month. Employment in healthcare expanded by 52K while government employment, which like healthcare and services has been a pillar of job creation in the past, declined by 10K. The Feb. employment report data was compiled before many of the most recent DOGE driven government layoffs occurred.

The dollar, which plummeted through the week from Monday’s high of 107.35, edged lower on the US dollar index 0.26 points to 103.81. The DOW, S&P 500, and NASDAQ, which all hit weekly lows early in today’s NY session, clawed back into positive territory as the trading session concluded. All three were up about 0.5% on the day but, like the dollar, were down on the week.

Federal Reserve Chair Jerome Powell said today, “Despite elevated levels of uncertainty, the US economy continues to be in a good place.” The Fed meets again this month on Mar. 18-19. Most analysts expect the Fed to leave the Fed funds rate unchanged at the conclusion of their upcoming meeting.

Market participants have increased their bets that the Fed will cut rates more substantially this year, now up to 75 basis points, in lieu of the 25 basis points they were betting on just two weeks ago according to the FedWatch CME tool. Softening US economic growth and uncertainty over the administrations tariff policies were cited as reasons for the change.

At the New York spot close: gold dropped $11.90 to $2904.70; silver fell $0.51 to $32.55; platinum shed $14.80 to $961.60; and palladium gained $3.80 to $945.80.