AGE Daily Gold Update

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

4/11/2025: Gold surges above $3,200

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold climbed another 2.1% to close at $3,222.20, a new all-time high, as the dollar plunged and Treasury yields surged on tariff-driven worries about the economy and US financial markets. Bullion rose 7% for the week. Silver added 3.7% to $31.84 for a weekly rise of 9%.

China increased tariffs on US goods to 125%, matching the increase declared by President Trump yesterday. The exploding trade war effectively discontinues commerce between the world’s two biggest economies, affecting around $650 billion in goods and risking global recession.

The dollar plunged another 0.8% against major rivals as currency traders, given the volatility and confusion surrounding US trade policy, shift to the yen and Swiss franc for safety.

Signifying of how oddly the markets are behaving, benchmark 10-year Treasury yields climbed this week by the most since 1981 as global investors sold off US government debt. Typically, during periods of global market turmoil, Treasurys are purchased for safety, driving yields down. This is because US government debt is considered the most liquid and dependable in the world.

But such confidence has apparently been shaken this week as tariff tumult spurred massive liquidations and traders, rather than buying Treasurys, sold them. The premium demanded to hold US government debt rather than German bunds rose by the most since the 1990s.

Solid auctions midweek for 10-year and 30-year Treasurys help to staunch the selloff but economists remain concerned. Susan Collins of the Boston Fed felt compelled to offer reassurances that the Fed would intervene to keep financial markets functioning.

None of this is normal. Some economists are calling it a “Lehman moment,” referring to the bankruptcy that triggered the financial crisis of 2008. And all of it is driving gold to new all-time highs as investors seek shelter.

Platinum rose 1.3% today and 3.6% this week, Palladium dipped 0.4% for a week loss of 0.3%.

At the New York spot close: gold gained $67 to $3,222.20; silver surged $1.15 to $31.84; platinum picked up $11.90 to $934.30; and palladium dipped $3.25 to $921.85 an ounce.