AGE Daily Gold Update

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

3/13/2025: Gold surges to record high on tariff, growth, and geopolitical concerns

Source: Dana Samuelson, American Gold Exchange

Austin — Gold and silver surged higher as increasing retaliatory tariffs and tariff threats escalated concerns over US economic growth today. Gold was up 1.5%, peaking at $2,985.40 in the spot market, while silver gained 1.6% at the close of the New York trading session. Amid all the potential economic uncertainty the escalating trade wars are creating, investors flocked to gold as a stable, safe haven asset with no counterparty risk, pushing the yellow metal as close to $3,000 per ounce as it has ever been.

US equity markets, which found stability yesterday, plunged lower again today after President Trump responded to new EU tariffs on US whiskey exports by threatening 200% tariffs on EU alcohol imports. The daily, knee jerk, tit-for-tat tariff announcements once again unsettled stocks, which tumbled yet again. At the close the DOW was down 0.08%, the S&P 500 gained 0.56%, while the NASDAQ rose 1.3%.

The US government is careening towards a government shutdown on Saturday. On Tuesday, the House passed a continuing resolution along party lines to fund the government through the end of the fiscal year in September. The Senate, which is divided 53 Republicans to 47 Democrats, needs a total of 60 votes to pass the bill to avoid a filibuster. So far, no clear path forward to pass the continuing resolution has appeared.

Russian President Putin rejected the US brokered Ukraine, Russian cease fire proposal today. Instead, a full list of Russia’s requirements to end the war was delivered to US negotiators, according to Reuters.

Overnight Putin, wearing full military garb, made a surprise visit to the Kursk region following Russian forces overwhelming and retaking most of the Ukrainian occupied land there. Ukrainian troops pushed into Kursk last August hoping to use the occupation of Russian territory as a future bargaining chip with Russia.

The US dollar gained 0.23 on the US dollar index 103.84 and the yield on the 10-year US treasury edged 0.04% lower to 4.28%.

At the close the DOW was down 1.30%, the S&P 500 fell 1.39%, while the NASDAQ tumbled 1.96%.

At the New York spot close: gold surged $45.20 to $2,984.30; silver rose $0.57 to $34.05; platinum gained $1.32 to $993.52; and palladium moved $9.63 higher to $966.63.