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


9/29/2025: Gold rise continues

Source: Matt Warden, American Gold Exchange

Austin — The gold spot price increased today to a new record intraday high of $3845.50 per ounce - up 45% from 52 weeks ago and 10% month-to-date - principally due to the possibility of a pending U.S. government shutdown, driving investors to seek the safety of gold as a safe-haven asset.

Funding for operating the US government is set to run out at 12.01 am Wednesday unless the White House and Congressional leaders reach an eleventh-hour agreement.

At the New York spot close: gold climbed $50.65 to $3828.40; silver soared $0.99 higher to $47.21; platinum picked up $44.70 to $1627.40; and palladium rose $9.42 higher to $1295.50.


9/26/2025: Precious metals post more big gains

Source: Dana Samuelson, American Gold Exchange

Austin — Gold, silver, platinum, and palladium all advanced in value today, adding big gains yet again, to conclude an explosive week higher for all four precious metals.

While gold did not break Tuesday’s New York all-time high closing of $3,780, it came close to doing so at $3,777, regaining the $40 it shed on Wednesday. Meanwhile silver, platinum, and palladium all ripped higher once more, with silver gaining another $1.50, platinum surging over $50, and palladium popping $20.

The US Bureau of Economic Analysis revealed that consumer spending remained strong in August at 0.4%, equaling July’s increase, with a 0.3% gain in June. So, despite a softening labor market, the main pillar of the US economy has remained vibrant over the last three months. There are concerns that a softening labor market, coupled with sticky inflation and reduced personal savings will undermine continued consumer spending at the current rates.

The PCE, the Fed’s preferred inflation gauge, rose 0.2% in August, with annual headline PCE rising at 2.7% and core PCE rising at 2.9%. All were in line with analyst’s expectations. In other news the dollar edged lower on the US dollar index, falling 0.40 to 98.15 while the 10-year US treasury yield edged 0.02% higher to 4.19%.

On the week gold gained $106, from $3,671 to $3,777. Silver surged $3.70 from $42.54 to $46.22. Platinum punched up $174 from $1,408 to $1,582 and palladium rose $130, from $1,156 to $1,286.

At the New York spot close today: gold gained $40.85 to $3,777.75; silver charged $1.52 higher to $46.22; platinum surged $52.00 to $1,582.70; and palladium gained $21.68 to $1,286.08 an ounce.


9/25/2025: Gold steady - silver, platinum and palladium rip higher

Source: Dana Samuelson, American Gold Exchange

Austin — Gold regained its footing today, edging slightly higher following yesterday’s profit taking correction. In a sign of rotation within the precious metals sector following gold’s correction Wednesday, silver, platinum, and palladium all ripped higher overnight in London market trading which continued into today’s New York session. And these moves higher came despite a sharp, upward revision in Q2 US GDP quarterly growth which, in turn, boosted the dollar and US treasury yields.

The BEA revised US GDP for Q2 sharply higher this morning, from 3.3% to 3.8%. Personal spending and exports made the biggest contributions to the upward revision. Sharply higher Q2 exports narrowed the trade deficit, which contributed a record 4.83% to Q2 GDP, compared to tariff front running imports which increased the trade deficit and sliced 4.68% off Q1 GDP, which netted out at -0.6%. Q2’S 3.8% expansion is the strongest quarterly growth since Q3 of 2023, signaling the US economy remains resilient despite perky inflation and declining employment.

The US dollar index, which measures the dollar against a basket of international currencies, rose 0.54 to 98.41 and US Treasury yields gained as well, with the 10-year edging up 0.04 to 4.19%. A stronger dollar and rising yields usually pressure gold lower, but not today.

In electronic trading after the New York market close, gold gained another $20, trading as high as $3,761. Silver added another 30 cents, punching over $45.00 for the first time in New York trading since 2011, to as high as $45.21. Platinum and palladium both edged slightly higher as well, $3.50, and $2.00 respectively.

At the New York spot close: gold gained $4.80 to $3,736.90; silver popped 92 cents higher to $44.70; platinum surged $46.20 to $1,530.70; and palladium gained $41.57 to $1,262.97 an ounce.


9/24/2025: Gold slips on profit-taking

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold slipped 1.3% to close under $3,733 as rebounds in Treasury yields and the dollar prompted investors to take profits from bullion's record-high finishes during the previous two sessions. Silver shed 1% to end at $42.78 an ounce.

Speaking publicly for the first time since last week's rate cut, Fed Chair Jerome Powell said yesterday that the central bank is facing a "challenging situation," trying to walk a line between rising inflation and weak job growth. While offering no specifics on monetary policy, he struck a cautious tone about future rates cuts.

Benchmark 10-year Treasury yields edged up on Powell's equivocations, pressuring gold by increasing the opportunity cost for holding it instead of bonds for safety.

Tracking higher with yields, the dollar rebounded 0.6% against major rivals, especially the euro, which drifted lower after German business morale fell unexpectedly in September. Stronger dollar weighs on gold and other commodities by making them more expensive in other currencies, limiting overseas demand.

Platnum and palladium dropped 0.8% and 1%, respectively.

At the New York spot close: gold fell $48.50 to $3,732.10; silver shed 42 cents to $43.78; platinum lost $12.50 to $1,472.75; and palladium dropped $12.10 to $1,215.05 an ounce.


9/23/2025: Gold rallies to another record

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold rallied another 1.1% to close at a new record high above $3,780 as soft US data geopolitical turmoil spurred safe-haven inflows while rate-cut expectations pressured the dollar and Treasury yields. Gold futures surged above $3,800 for the first time ever. Silver climbed 0.9% to finish at $44.19 an ounce.

Anew S&P Global survey showed US business activity weakened in September. Services companies, which employ around 70% of Americans, slid to a three-month low in September. Separately, US manufacturing, the sector most affected by tariffs, slid to a two-month low. Input prices rose across both sectors, with respondents saying tariffs were the cause.

All three major US stock indexes retreated on souring risk appetite. The Dow fell 0.3% while the S&P 500 lost 0.6% and the Nasdaq close to 1%.

Benchmark 10-year Treasury yields eroded toward 4.1% as investors shifted toward the perceived safety of government debt. Falling yields lift gold by decreasing the opportunity cost for holding it instead of bonds.

Tracking lower with yields, the dollar dipped 0.1% against major rivals under continuing pressure from a dovish rate view following last week's Fed meeting. A weaker dollar boosts gold and other commodities priced in it for international trading by making them cheaper in other currencies.

The Fed cut rates by a quarter point and, as important, outlined two more similar cuts this year. Fed fund futures are pricing in a 94% likelihood of an October cut, followed by a 78% chance of another in December.

Adding to safe-haven inflows, the chances of a government shutdown on September 30 escalated after President Trump cancelled a meeting with Demcrat lawmakers, saying it "couldn’t possibly be productive."

And NATO warned Russia that it would aggressively defend itself against repeated violations of the airspace of Estonia, a member nation.

Platinum and palladium picked up 4.1% and 2.8%, respectively.

At the New York spot close: gold gained $39.90 to $3,780.60; silver rose 39 cents to $44.19; platinum picked up $60.40 to $1,485.25; and palladium climbed $33.40 to $1,227.15 an ounce.


9/22/2025: Gold blows past $3,700

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold surged 1.9% to close at a new all-time high near $3,741, driven by safe-haven demand, expectations for further rate cuts, and a weakening dollar. It was bullion's first finish above $3,700 an ounce. Silver rose 1.3% to end at $43.80.

Following last week's rate cut from the Fed, its first in more than nine months, the markets have been digesting the mixed signals in its accompanying policy statements. On one hand, the central bankers warned about cracks in the labor market, on the other they warned about inflation driven by aggressive tariffs.

After a few days of deliberation, the verdict appears to be in. The markets expect the Fed to support its full-employment mandate at the expense of its price-stability mandate. And that means more rate cuts, which are bullish for gold and silver because they weaken the dollar and boost alternative stores of value.

Fed fund futures traders are pricing in two more quarter-point cuts this year, one each in the FOMC meetings in October and December.

Reversing three sessions of moderate gains, the dollar fell 0.4% against major rivals on the dovish rate outlook. A weaker dollar supports gold and other commodities by making them less expensive in other currencies, boosting demand overseas.

Continued geopolitical turmoil in Gaza and Ukraine is further fueling demand for gold and silver. Russia announced further occupation of Ukraine's Dnipropetrovsk region. At least 37 Palestinians were killed this morning by Israeli attacks, including 30 in Gaza City, while France joined UK, Australia, and Canada in formally recognizing the State of Palestine.

Platinum and palladium rose 1.1% and 3.2%, respectively.

At the New York spot close: gold gained $69.20 to $3,740.70; silver rallied $1.26 to $43.80; platinum picked up $16 to $1,424.85; and palladium climbed $37.20 to $1,193.75 an ounce.


9/19/2025: Gold gains for 5th straight week

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold rose 0.8% to close above $3,670 despite rising Treasury yields and a stronger dollar as traders digested this week's rate cut from the Fed. Bullion gained 0.6% for the week to notch its fifth straight weekly win. Silver climbed 2% for the day and 0.4% for the week to finish at $42.54 an ounce.

The Fed voted for its first rate cut in nine months this week, lowering its benchmark by 25 basis points to 4%-4.25%. In addition, its so-called dot plot of future interest rates showed two more similar reductions this year.

But the central bank's forward guidance was not entirely dovish, with roughly half the members penciling in fewer rate cuts and Fed Chair Powell warning that they are "not in any hurry" to ease further because of persistent inflation and ongoing trade turmoil.

The markets largely heard what they wanted to hear. Equities have rallied on the prospect of easier money while the dollar and Treasury yields have strengthened on the equivocal outlook. Gold and silver, which thrive in economic and political uncertainty, corrected briefly and resumed their upward march.

Platinum added 0.7% for a weekly rise of 0.6%. Palladium slid 1.1% today and 5.9% this week.

At the New York spot close: gold gained $27.80 to $3,671.50; silver surged 83 cents to $42.54; platinum picked up $10.10 to $1,408.85; and palladium dropped $12.60 to $1,156.55 an ounce.


9/18/2025: Gold corrects on risk appetite

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold fell 1% to close under $3,644 on profit-taking as risk appetite returned after the Fed's rate cut and forecast of further easing. The move was seen as a mild correction from recent all-time highs. Silver dipped slightly to finish at $41,71 an ounce.

The Fed delivered a quarter-point rate cut yesterday, its first in nine months, and forecasted another two of the same size in the fourth quarter, with most members penciling in a total of 75 basis points this year.

Wall Street cheered the dovish pivot, with the rate-sensitive Nasdaq jumping 1% while the Dow and S&P 500 added 0.3% and 0.5%, respectively, on the promise of cheaper money.

Reflecting the whetted risk appetite, Benchmark 10-year Treasury yields surged above 4.1% as investors shifted away from safety. Rising yields weigh on gold by increasing the opportunity cost for holding it instead of bonds for safety.

Tracking higher with yield, the dollar added 0.5% against major rivals, pressuring gold and other commodities by making them pricier overseas.

Platinum added 0.4% while palladium slipped 0.3%.

At the New York spot close: gold fell $38.10 to $3,643.70; silver edged down less than 2 cents to $41.71; platinum picked up $6.10 to $1,389.75; and palladium slipped $3.20 to $1,169.15 an ounce.


9/17/2025: Gold eases, then rises on Fed

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold eased 0.2% to close under $3,682 as the dollar edged higher and traders took profits from a series of new record highs ahead of the Fed's decision on interest rates. Bullion then added around $10 an ounce after the Fed cut by a quarter-point and projected two more this year. Silver shed 1.8% to finish at $41.72 an ounce.

As almost universally expected, the Federal Reserve lowered its benchmark rate by 25 basis points to a range of 4%-4.25%, opting to focus on a weakening labor market instead of rising inflation. It is the first reduction in nine months.

The decision was unanimous except for new Governor Stephen Miran, who joined the Fed board yesterday. A member of the Trump administration on leave, Miran advocated a much bigger cut.

Perhaps more interesting, the so-called dot plot of projections indicate two more quarter-point rate cuts are slated for this year. Policymakers continue to anticipate inflation ending 2025 at 3%, well above the Fed's 2% target.

The dollar edged up slightly before the decision on speculation that the Fed would refrain from a larger rate cut. A rising dollar pressures gold and other commodities by making them pricier in other currencies.

Benchmark 10-year Treasury yields dipped slightly, limiting gold's slide by reducing the opportunity cost for holding it instead of bonds for safety.

Platinum and palladium both dropped 0.7%.

At the New York spot close: gold eased $71.0 to $3,681.80; silver slid 75 cents to $41.72; platinum dropped $9.90 to $1,383.65; and palladium retreated by $8 to $1,173.35 an ounce.


9/16/2025: Gold gains, dollar falls, Fed meets

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained 0.2% to close near $3,689, another record high, as Treasury yields and the dollar continued to recede despite upbeat data on expectations that the Fed will lower interest rates this week. Silver dipped 0.1% to finish at $42.48 an ounce.

US retail sales rose 0.6% in August for the third month in a row, signaling that the economy remains robust despite recent deceleration in the labor market. Car buying and online shopping led the way.

US factory output rose 0.2% after falling 0.1% in July, driven by production of cars and some other durable goods. In addition, import prices rose 0.3% in August as tariffs begin to register.

Against this backdrop the Fed began its two-day meeting on monetary policy, expected to begin a rate cut cycle amid unrelenting pressure from the Trump administration to dramatically lower interest rates.

Fed fund futures trading has fully pried in a quarter-point rate cut at this meeting, with at least one and maybe two more coming by the end of the year.

The dollar fell 0.7% against major rivals, hitting a four-year low against the euro, on rate-cut speculation and concerns that political interference in Fed independence will devalue US financial assets worldwide.

A weaker dollar supports gold and other commodities by making them less expensive in other currencies.

Benchmark 10-year Treasury yields also fell toward 4%, lifting gold by decreasing the opportunity cost for holding it instead of bonds for safety.

Bullion has surged more than 40% this year behind US and global political uncertainty, trade turmoil, aggressive centra bank purchases, and increasing global de-dollarization.

Platinum and palladium fell 1% and 1.7%, respectively.

At the New York spot close; gold gained $6.70 to $3,688.90; silver slipped 0.4%; platinum fell $13.50 to $1,393.55, and palladium retreated by $20.30 to $1,181.35 an ounce.

  

Metal Ask      Change
Gold $3,864.03           Price Change Up Arrow $0.55
Silver $47.35           Price Change Up Arrow $0.19
Platinum $1,592.80           Price Change Down Arrow $-2.15
Palladium $1,276.49           Price Change Up Arrow $4.95
In US Dollars

AGE Gold Commentary

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