AGE Daily Gold Update

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

4/8/2025: Gold gains on tariff turmoil

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained 0.6% to close above $2,968 as stocks plunged and the dollar retreated on new tariff turmoil. Silver added 0.3% to finish at $29.59 an ounce.

Upping the ante on a global trade war, President Trump declared new tariffs totaling 104% on goods imported from China, effective shortly after midnight. The stunning move came in response to China's refusal to lift its own retaliatory tariffs on US goods, enacted after the White House imposed its "reciprocal" tariffs on virtually every trading partner.

After initially rallying more than 3% on rumors that tariffs might be paused for 90 days, Wall Street fell deeply into the red after the additional China duties were announced, renewing worries about inflation and economic stagnation.

The dollar dropped 0.3% against major rivals, boosting gold and other commodities priced in it for global trade by making them less expensive in other currencies.

Fed fund futures traders have upped their bets that the Fed will intervene to prevent the fallout from tariffs from tanking the economy. The odds of a rate cut in May rose to 56% after the new China tariff announcement, up from 40% earlier in the day.

Platinum and palladium each climbed 0.6%.

At the New York spot close; gold gained $17.10 to $2,968.80; silver rose 8 cents to $29.59; platinum picked up 5.60 to $899.60; and palladium added $5.45, to $913.20 an ounce.