AGE Daily Gold Update

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

3/10/2025: Tariff and growth concerns sink stocks, gold and silver ease lower

Source: Dana Samuelson, American Gold Exchange

Austin — Uncertainty over US tariff and economic policies sank stocks today, catching gold and silver in the liquidity event. At the New York spot market close gold and silver were down 0.5% and 0.75% respectively, but as the electronic session continued into the afternoon, they skidded further as the stock sell-off accelerated. At the close of the electronic session this afternoon gold was down 0.8% or $21.50 to $2,888, and silver was off 1.25% or $0.40 to $32.15.

The US dollar was up slightly 0.14 points on the US dollar index to 104.00 while the yield on the 10-year US treasury rose 0.08% to 4.22%. Both tumbled last week helping to buoy gold. Today’s gold and silver skid was due to the liquidity sell-off in stocks.

Equities markets became unnerved by fears of a US recession caused by President Trump’s aggressive, new policies. The magnitude of the cumulative effects of the Trump administration’s tariff and DOGE government reduction policies have come further into focus over the last week causing growing concern over future US economic growth. Sharp reductions in government spending and employment and an uncertain surge in input costs for importers and retaliatory tariffs for exporters have made investors extremely skittish over the US’s economic future.

Adding fuel to the fire, the US government will run out of funding this Friday unless Congress can pass a new funding resolution this week.

Stocks sold off sharply with the DOW falling 2.08%, the S&P 500 down as much as 2.70% while the NASDAQ was hammered 4.0%. Bitcoin was sold down over $5,000 at one point before it rebounded over $1,000 back into the $78,700 range.

The notoriously choppy Atlanta Fed GDP Now tumbled from +2% to -2.8% last week when imports were added to the calculus. Many analysts rang alarm bells over the severity of the projected GDP plunge, which does not yet have counterbalancing exports factored in.

Imports have been unusually high as many US businesses have been on international buying binges frontrunning potential higher tariff costs. As new data has arrived the forecast rose to -2.4% today. The choppiness of the GDP Now forecast narrows into greater reliability and clarity as the close of the economic quarter approaches, and all the quarterly incoming data is factored in.

China has retaliated against higher US tariffs by implementing tariffs on US agriculture products including grains, cotton, fresh produce, and cotton. China has also halted imports of soybeans from three US exporters and all US timber. Since the first Trump administrations tariff policies were enacted in 2018, China has sought to import these types of products from other nations, Brazil in particular, to be less reliant on the US.

At the New York spot close: gold fell $13.70 to $2891.00; silver fell $0.28 to $32.27; platinum edged down $1.36 to $960.24; and palladium lost $6.00 to $939.80.