AGE Daily Gold Update

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

4/2/2025: Gold rises ahead of new tariffs

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold rose 0.7% to close near $3,140, another record, as the dollar retreated ahead of the much-anticipated announcement from the White House on tariffs. Silver sank 1.2% to 33.74 an ounce.

President Trump is scheduled to announce his plan for so-called reciprocal tariffs late today, ending speculation about the details of this aspect of his disruptive trade policies. While he has said the levies will match whatever has been imposed upon US exports, White Houser aids signaled this week that a blanket 20% on all imports is more likely.

Separately, Trump announced that 25% tariffs on all auto imports will begin tomorrow, with the same applying to auto parts beginning in one month.

Since taking office, Trump has imposed 20% duties on all China imports and 25% on all aluminum and steel imports. In addition, his 30-day reprieve on 25% tariffs on goods from Mexico and Canada is set to expire.

The dollar fell 0.4% against major rivals on worries that trade wars could rekindle inflation and perhaps tip the US into recession. A falling dollar boosts gold by making it less expensive in other currencies.

Benchmark 10-year Treasury yields edged up slightly but hovered near multi-month lows around 4.2%.

Platinum and palladium slid 0.9% and 1.7%, respectively.

At the New York spot close: gold gained $21 to $3,139.90; silver shed 42 cents to #=$33.74; platinum dipped $9.20 to $978.90; and palladium lost $17 to $974.30 an ounce.