AGE Daily Gold Update

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

4/9/2025: Gold jumps 3% on China tariffs

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold surged 3% to close above $3,056 as the escalating trade war between US and China undercut the dollar and stoked safe-haven inflows. It was the best day for bullion since March 2023. Silver climbed 2.5% to $30.23 an ounce.

One day after ratcheting up tariffs on China to 104%, President Trump raised them again, this time to 125%, prompting fresh concerns that the burgeoning trade war with the biggest US trading partner could spin out of control. The unexpected move came in retaliation for China’s tit-for-tat decision to put 84% duties on US goods.

At the same time, the White House paused the so-called reciprocal tariffs on other nations. After more than a week of carnage in the equities markets, Wall Street cheered the decision. The Dow and S&P 500 soared 6% and 7.3%, respectively, while the Nasdaq rockets 9.4% higher.

Yet the demand for safe-haven assets continued as investors sought protection from the suddenly chaotic nature of US trade policy.

The tariff tumult almost completely overshadowed the release of the Fed’s minutes from its last meeting, an event that ordinarily drives the markets. Notably, the committee members voiced concern that the new trade policies could lead to stagflation, a pernicious combination of rising prices and growth.

The dollar fell 0.3% against major rivals led by the Swiss franc and yen, both of which are seen as haven currencies.

Platinum and palladium added 1% and 1.4%, respectively.

At the New York spot close: gold gained $88.10 to $3,051.50; silver climbed 73 cents to $30.23; platinum picked up $9 to $908.60; and palladium rose $12.70 to $925.90 an ounce.