AGE Daily Gold Update

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

2/24/2026: Gold slips on profit-taking

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold slipped 0.9% as Treasury yields and the dollar rebounded slightly, prompting traders to take profits from bullion's four days of gains driven by tariff confusion and Iran tensions. Silver rose 1.1% to finish at $84.46 an ounce.

President Trump launched 10% tariffs today following the Supreme Court decision on Friday invalidating his "reciprocal" tariffs of various amounts on virtually all trading partners.

Global markets remain confused about US trade policies moving forward, especially after Trump vowed 15% tariffs on Friday and retribution against nations that refuse to ratify agreements made under the old, now-invalidated tariff regime.

Nonetheless, the lower initial tariff kindled a relief rally on Wall Street, with the Dow and S&P 500 rising 0.7%, while the Nasdaq added 1%.

Benchmark 10-Year Treasury yields edged up from three-week lows, pressuring gold by increasing the opportunity cost for holding it instead of bonds for safety.

Tracking higher with yields, the dollar rose 0.2% against major rivals. A stronger dollar weighs on gold by making it pricier overseas.

The US and Iran will hold a third session of nuclear talks in Geneva on Thursday, with the outcome likely determining whether military conflict ensues.

Platinum and palladium rose 1% and 2.3%, respectively.

At the New York spot close: gold slid $48.90 to $5,155.80; silver rose 93 cents to $84.46; platinum picked up $20.80 to $2,170.65; and palladium added $38.50, to $1,786.95 an ounce.

2/23/2026: Gold surges 2.9% on tariffs, Iran

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold surged 2.9% to close near $5,205 as renewed US tariff uncertainty and concerns about military action against Iran drove investors into safe havens. Silver jumped 5.2% to finish at $86.52 an ounce.

On the heels on Friday's Supreme Court decision vacating his so-called reciprocal tariffs, President Trump vowed to continue his trade wars by imposing 10% tariffs on all trading partners, rising to 15% over time. Even higher tariffs are threatened against nations that do not sign trade agreements negotiated under the now unlawful tariff regime.

The renewed confusion over tariffs caused strong risk-off sentiment in stock markets, with the Dow and Nasdaq plunging 1.8% and 1.5%, respectively, while the S&P 500 lost 1.2%.

Benchmark 10-year Treasury yield fell sharply to just above 4% as investors sought the perceived safety of US government debt. Lower yields boost gold by decreasing the opportunity cost for holding it instead of bonds.

Tracking lower with yields, the dollar edged down, supporting gold and other commodities priced in it for global trade.

Adding to flights to safety, the US has deployed a massive strike force to the Middle East capable of a sustained military engagement. President Trump has given Iran an ultimatum to make a deal suspending its nuclear program or face regime change.

Platinum and palladium fell 0.6% and 0.3%, respectively.

At eth New York spot close: gold gained $145.40 to $5,204.40; silver surged $4.24 to $86.52; platinum slid $12.60 to $2,149.85; and palladium dipped $4.60 to $1,747.35 an ounce.

2/20/2026: Gold gains on data, dollar

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold rose 1.7% to close above $5,059 as the dollar fell on weak US economic data and the Supreme Court's rejection of Trump tariffs. Bullion gained 0.7% for the week. Silver jumped 6% to finish at $82.28 an ounce, posting a weekly rise of 5.7%.

Government data released today showed the economy slowing sharply in the fourth quarter of 2025, growing at an annualized 1.4% after 4.4% in Q3, dragged down by the government shutdown and tariffs.

Separately, the S&P surveys for January and February indicate GDP growing at 1.5%, extending the cooling trend into 2026. Services-oriented businesses, which account for 70% of GDP, dropped to a 10-month low, while the manufacturing sector slid to a 7-month low.

The Fed's preferred inflation gauge, the PCE index, rose 0.4% in December, lifting the overall inflation rate for 2025 to 3%. The core rate, minus food and energy, also rose to 3%, the highest level in a year.

With growth slowing and the inflation rising, consumer sentiment rose less than expected in February, with wealthy Americans far more optimistic than those who have not benefited from sky-high stock market valuations.

The dollar fell 0.2% against major rivals as traders speculated that slower growth could lead to deeper monetary easing this year. A weaker dollar lifts gold and other commodities by making them less expensive in other currencies.

Also pressuring the buck, the Supreme Court rejected the Trump administration's use of tariffs under the emergency powers act, raising concerns that the resulting loss of revenue could increase the deficit.

Platinum rose 0.5% today and 3.6% this week. Palladium added 0.4% for a weekly rise of 2.4%.

At the New York spot close: New York spot gold gained $83.40to $5059.30; silver rose $4.71 to $82.28; platinum picked up $109.20 to $2,162.45; and palladium advanced by $72.80 to $1,791.95 an ounce.

2/19/2026: Gold slips on dollar, rate view

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold slipped 0.2% to close under $4,976 as safe-haven demand from escalating tensions with Iran was offset by a rising dollar and a shifting rate view ahead of important inflation data due tomorrow. Silver rose less than 0.1% to $77.57 per ounce.

At a national security meeting in the White House yesterday, it was announced that the US is deploying a massive strike force in the Middle East, including two aircraft carriers, fighter jets, and refueling tankers. It is the biggest military buildup in the region since 2003, when the US invaded Iraq, giving President Trump the ability to launch an extended campaign.

Heightened concerns of a military conflict with Iran drove oil prices sharply higher, with US benchmark WTI crude added another 2.2% to more than $66 a barrel on fear that Iran could close the Straits of Hormuz, blocking a major passageway for global oil. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

Bullion rose above $5,022 early in the session on flights to safety before pulling back as traders weighed the outlook for further rate cuts from the Fed. Yesterday's release of the minutes of the January Fed meeting should committee members divided over monetary policy, with several calling for rate hikes if inflation remains elevated.

First-time jobless claims dropped 23,000 to just 206,000 last week, the lowest level of the year, suggesting resilience on the labor market. The drop in claims mirrors the better-than-expected jobs report in January, with unemployment dipping to 4.3%.

Given the solid jobs data and lingering inflation, Fed funds futures traders lowered the odds of a third rate cut this year to just 25%, down from 50% last week. The shifting rate view lifted the dollar 0.3% against major rivals, pressuring gold and other commodities by making them pricier overseas.

Tomorrow's release of the personal consumption expenditures index, the Fed's preferred inflation gauge, should give further clues about the direct of interest rates.

Platinum and palladium fell 1.4% and 2.2%, respectively.

At the New York spot close: gold dipped $10.60$$4,975.90; silver rose 6 cents to $77.57; platinum dropped $28.20 to $2,053.25; and palladium shed $38.20 to $1,67915 an ounce.

2/18/2026: Gold rallies on geopolitics

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold rallied 2.1% to close above $4,986 despite a stronger dollar as geopolitical tensions drew bargain-hunters into bullion. Silver surged 5.5% to finish at $77.51 an ounce.

The US and Iran completed two-day talks in Geneva without substantive agreement on Iran's nuclear program, prompting VP JD Vance to assert that "all options are still on that table," including military intervention. A carrier strike force has already been dispatched to the region.

Separately, with peace talks ended, Ukraine has accused Russia of intentionally delaying progress toward a ceasefire.

US benchmark WTI crude jumped 3% to more than $65.30 after Iran temporarily closed the Straits of Hormuz, a vital global supply route, amidst troubled negotiations with the US. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

The dollar rose 0.6% against major rivals as the euro weakened following reports that widely respected ECB chief Christine Lagarde will step down early. Typically, a stronger dollar weighs on gold and other commodities by making them more expensive in other currencies. But geopolitical uncertainty trumped this factor in today's market.

Also boosting the buck, minutes from the Fed's January meeting showed several committee members in favor of raising interest rates unless inflation falls back toward the target 2%. While the January CPI, released after the meeting, showed a slight reduction, revised Fed data indicated the 12-month rate in core inflation above 2.8%, much higher than previously reported.

Platinum and palladium rose 2.7% and 0.9%, respectively.

At the New York spot close: gold gained $103.60 to $4,986.50; silver surged $4.06; platinum picked up %54.60 to $2,081.45; and palladium added $14.70, to $1,717.35 an ounce.

2/17/2026: Gold falls on rate view, Iran

Source: Bill Musgrave, American Gold Exchange

Austin — Reopening after the Presidents Day holiday, New York spot gold fell 2.8% to close under $4,883 as a stronger dollar combined with easing tensions between the US and Iran to reduce safe-haven demand and pressure alternative stores of value. Silver shed 65.6% to finish at $73.45 an ounce.

Meeting in Geneva, representatives of the US and Iran made progress in nuclear talks, with the latter expected to return with a new proposal in two weeks. Iran issued a statement saying it had reached a "general agreement" that could lift sanctions against it and preclude a US military intervention.

Separately, negotiators from Ukraine and Russia also met in Geneva for peace talks mediated by the US, further draining some of the safety premium from the gold price.

A new study from the New York Fed says that inflation was above 2.8% for the 12 months ending in January, well above the core CPI figure of 2.5%. The report attributes the discrepancy to errors in data collection because of the sustained government shutdown last fall.

Fed Governor Michael Barr said today that the central bank should keep interest rates where they are "for some time" until it sees more evidence that inflation is heading back towards the target 2%. Fed funds futures traders lowered their projections to 63 basis points in cuts this year.

Benchmark 10-year Treasury yields crept higher on the shifting rate view, pressuring gold by increasing the opportunity cost for holding it instead of bonds for safety.

Tracking higher with yields, the dollar added 0.3% against major rivals. A stronger dollar weighs on gold and other commodities by making them more expensive in other currencies.

Platinum and palladium slid 2.7% and 0.5%, respectively.

At the New York spot close: gold fell $139.10 to $4,882.10; silver shed $4.40 to $73.45; platinum dropped $57.10 to $2,26.85; and palladium dipped $7.90 to $1,702.65 an ounce.

2/13/2026: Gold gains on soft CPI

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained 2% to close at $5,022 after benign CPI data raised hopes for lower interest rates, pressuring Treasury yields and the dollar. Bullion added 1.4% for the week. Silver rose 3% to finish at $77.85 an ounce, also notching a weekly rise of 1.4%.

Consumer inflation rose just 0.2% in January, less than forecasts for the smallest monthly increase since last July, putting the 12-month CPI at 2.4%. The core rate, less food and energy rose 0.3% for a 12-month rate of 2.5%, the smallest gain since 2021.

The soft inflation reading increased expectations that the Fed will resume its rate-cut cycle later this year. Fed funds futures traders are now pricing in at least two quarter-point reductions beginning in July, with the odds of a third cut rising to 50%.

Benchmark 10-year Treasury yields fell back toward 4.1% on the prospect of additional monetary easing. Lower rates lift gold by decreasing the opportunity cost for holding it instead of bonds for safety.

Tracking lower with yields, the dollar edged down against major rivals, supporting gold and other commodities by making them cheaper in other currencies.

Platinum rose 2.8% today but fell 2.9% this week. Palladium climbed 3.8%, reducing its weekly loss to 1.3%.

At the New York spot close: gold gained $98.30 to $,022; silver surged $2.30 to $77.85; platinum picked up $56.60 to $2,083.95; and palladium added $63.30, to $1,710.55 an ounce.

2/12/2026: Gold tumbles on stop-loss trades

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold dropped 2.9% to close under $4,924 after more upbeat jobs data lifted the dollar, pressuring alternative stores of value. Bullion's losses accelerated when automatic stop-loss trades were triggered under $5,000. Silver tumbled 9.8% to finish at $75.77 an ounce.

First-time jobless claims declined by 5,000 to 227,000 last week as layoffs continued to be minimal, according to government data.

Following yesterday's surprisingly robust nonfarm payrolls report, which showed 130,000 jobs added in January, the jobless data signals enough resilience in the labor market to keep the Fed from lowering interest rates anytime soon.

The dollar added 0.2% on the shifting rate view, pressuring gold and other commodities priced it for international trade by making them cheaper in other currencies.

Gold's decline began softly and then accelerated after prices fell under $5,000, where traders had apparently pegged stop-loss orders, creating a cascade effect of automated selling.

Falling oil prices also weighed on the metal as talks between US and Iran reduced tensions in the region and assuaged supply concerns. Benchmark US WTI crude dropped 3%. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

Platinum and palladium shed 5.6% and 5%, respectively.

At the New York spot close: gold lost $147.90 to $4,923.70; silver tumbled $8.20 to $75.77; platinum plunged $121.20 to $2,027.35; and pallad8ium lost $85.50 to $1,647.25 an ounce.

2/11/2026: Gold rallies despite jobs data

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained 1.4% to close near $5,072 despite upticks in the dollar and Treasury yields as investors shrugged off a blowout jobs report amidst ongoing economic and geopolitical uncertainty. Silver jumped 4.4% to finish at $83.75 an ounce.

The US economy added 130,000 jobs in January, according to the government's nonfarm payrolls report, dropping the unemployment rate to 4.3% from 4.4% in December. Far exceeding forecasts of 70,000, it was the biggest monthly increase in 13 months.

But the employment data was not all positive. Benchmark revisions showed only 181,000 jobs were added for all of 2025, down from 1,459,000 created in 2024. Analysts widely attribute the falloff to volatile trade and immigration policies that leave businesses uncertain about whether to hire new workers.

Benchmark 10-year Treasury yields rose on the strong January jobs data as investors shifted their expectations on rate cuts. Fed funds futures markets are pricing in a 94% chance that the Fed will hold rates unchanged at its next meeting, up from 80% before the data.

Tracking higher with yields, the dollar picked up 0.1% against major rivals.

Typically, higher yields and a stronger dollar weigh on gold by increasing the opportunity cost for holding it instead of bonds, and by making it pricier in other currencies. But the current environment is not typical.

Continuing economic and geopolitical uncertainty, largely driven by US policies, has investors and central banks looking to gold as a core holding, buying the dips when they occur, often irrespective of yields and the dollar.

Platinum and palladium rose 2.7% and 0.9%, respectively.

At the New York spot close: gold gained $67.80 to $5,071.60; silver jumped $3.54 to $83.75; platinum picked up $56.90 to $2,148.55; and palladium advanced $16.70 to $1,732.75 an ounce.

2/10/2026: Gold slips on profit-taking

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold slipped 0.9% to close under $5,004 after soft economic data and hawkish Fed talk prompted traders to take profits from its two-day rally of nearly 4%. The slide came despite weakness in the dollar and Treasury yields. Silver shed 2.3% to finish at $80.22 an ounce.

US retail sales fizzled in December, with consumers cutting back during the holiday season. Sales fell at big-box electronics retailers, clothing stores, drugstores, and car dealers. Restaurants revenues, a critical weathervane for retail, also declined.

Further dimming the economic outlook, sales for October and November were revised lower, suggesting consumer fatigue after a strong third quarter as tariffs begin filtering into prices and concerns grow about the job market. Consumer spending accounts for nearly 70% of GDP.

Despite the downbeat data, two prominent Fed officials came out for holding interest rates unchanged. Dallas Fed President Lorie Logan it would take “material” weakness in the job market for additional rate cuts. Cleveland Fed President Beth Hammack said interest rates could be on hold "for quite some time" to avoid stoking higher inflation.

This week's release of the delayed nonfarm payrolls report and consumer price index should give further clues about the near-term course of interest rates.

Benchmark 10-year Treasury yields fell to a four-week low after the soft retail sales data as investors sought the perceived safety of government debt. The dollar fell slightly against major rivals.

Platinum and palladium lost 1.5% and 1.1%, respectively.

At the New York spot close: gold slipped $47.10 to $5,003.80; silver shed $1.85 to $80.22; platinum lost $31.90 to $2,091.65; and palladium dropped $18.90 to $1,716.05 an ounce.