AGE Daily Gold Update

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

10/16/2025: Gold leaps above $4,280

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold leapt another 2.5% to close above $4,280, a new all-time high, as trade-war worries and soft US data stoked safe-haven demand, while a falling dollar boosted alternative assets. Silver surged 3.8% to finish at $53.02 an ounce.

Uncertainty surrounding global trade ratcheted higher today after US officials condemned Beijing for deepening restrictions on crucial rare earth exports, while China blamed the US for inflaming global tensions over supply chain disruptions. President Trump has recently threatened an additional 100% tariff on China imports, prompting tit-for-tat reactions.

Wall Street turned negative on deepening trade tensions and weaker performance by the financial sector, prompting investors to take shelter. Benchmark 10-year Treasury yields fell under 4% on flights to the perceived safety of US government debt.

Tracking lower with yields, the dollar fell another 0.3% against major rivals for its third straight day of losses. A weaker buck boosts gold and other commodities by making them less expensive in other currencies.

Further weighing on risk appetite, the Fed's Beige Book reported stagnating economic activity in 9 of the Fed's 12 regions, with slower consumer spending and accelerating inflation.

Platinum and palladium rose 4% and 3.9%, respectively.

At the New York spot close: gold gained $103.30 to $4,280.20; silver surged $1.95 to $53.02; platinum picked up $66.60 to $1,734.90; and palladium advanced $60 to $1,599.95 an ounce.

10/15/2025: Gold rallies on haven demand

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained nearly 1% to close at a fresh all-time high near $4,177 as the dollar sank further on rate-cut hopes while new trade war tensions stoked demand for safe havens. Silver jumped 1.5% to finish at $51.07 an ounce.

Speaking publicly for the last time before next week's FOMC meeting, Fed Chair Jerome Powell struck a decidedly dovish posture yesterday, describing the US job market as mired in "low-hiring, low-firing doldrums" while leaving the door open to two more rate cuts this year.

Fed fund futures traders are now pricing in a 98% likelihood of a quarter-point cut next week, followed by a 100% expectation for another in December.

Meanwhile, President Trump is considering cutting all trade ties with China after it substantially increased controls on rate earth metals, threatening crucial global supply chains. The move by Beijing came in response to Trump's threat to raise tariffs on imports from China by another 100%.

The dollar fell 0.3% against major rivals, including safe-haven currencies like the yen and Swiss franc, as currency traders priced in the new trade war threats and upcoming rate cuts. A falling dollar lifts gold and other commodities by making them cheaper overseas.

Gold has now advanced nearly 60% this year, driven by geopolitical uncertainty, aggressive central bank purchases, trade wars, and global de-dollarization.

Platinum and palladium rose 0.8% and 0.5%, respectively.

At the New York spot close: gold gained $38.20 to $4,176.90; silver surged 76 cents to $51.07; platinum picked up $13.60 to $1,668.70; and palladium rose $8.05 to $1,539.75 an ounce.

10/14/2025: Gold closes at new record

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained 0.7% to close at a new record high near $4,139 as renewed trade war worries drove safe-haven demand and the dollar fell on expectations of rate cuts from the Fed. Silver added 0.4% to finish at $50.31 an ounce.

President Trump has threatened China with additional duties of 100% atop of existing tariffs, rekindling trade-war concerns. The threat comes as new 25% tariffs take effect on upholstered furniture, bathroom vanities, and other items, and 10% duties on lumber and timber.

Meanwhile, in his last scheduled remarks before the Fed meets next week, Fed Chair Jerome Powell left the door open to two more rate cuts of 25 basis points this year, citing ongoing weakness in the labor market.

The dollar fell 0.2% against major rivals on expectations for lower interest rates. A falling dollar boosts gold and other commodities by making them less expensive in other currencies. Benchmark 10-year Treasury yields slipped to just above 4%.

Gold has rallied nearly 58% to a succession of all-time highs this year behind safe-haven inflows driven by geopolitical upheaval, economic uncertainty, central bank buying, and. More recently, retail investment.

Platinum slid 0.9% while palladium rose 1.5%.

At the New York spot close: gold gained $30.10 to $4,138.70; silver rose 18 cents to $50.31; platinum dipped $14.50 to $1,655.10; and palladium picked up $22.50 to $1,531.90 an ounce.

10/13/2025: Precious metals resume relentless rally

Source: Dana Samuelson, American Gold Exchange

Austin — After taking a brief of pause to consolidate last Thursday and Friday, precious metals rallied with a vengeance in overnight Asian and London trading that continued in the New York session today. Gold gained 3.15%, silver added 3%, platinum surged almost 4%, while palladium rose 2.5%.

On Friday President Trump threatened China with new 100% tariffs in retaliation for China making rare earth minerals increasingly difficult to export from China. While Trump softened his rhetoric on China Monday, he had already lit the fuse under the market reopen on Sunday night. Today’s sharply higher moves for all four metals signaled the relentless rally is far from over.

At the New York spot close: gold charged $132.70 higher to $4,108.60; silver gained $1.20 higher to $51.13; platinum surged $68.90 to $1,669.60; and palladium rose $61.80 to $1,509.40.

10/10/2025: Gold Closes the week at over $4,000, silver over $50

Source: Dana Samuelson, American Gold Exchange

Austin — Precious metals prices steadied following yesterday’s wide market swings, driven by the dislocation of the silver market in London OTC trading. Gold, silver, and palladium regained ground from yesterday’s profit taking sell-off while platinum eased a bit further today. Gold and silver extended their gains in the electronic session with spot gold closing the week at $4,017 and silver over $50.05.

Stocks, on the other hand, tumbled after President Trump threatened to ratchet up tariffs on China over their withholding of rare earth mineral exports. At the close the DOW fell 878 points, the S&P 500 was down 182, and the NASDAQ tumbled 820.

Since the tariff trade war began earlier this year China has been the only country that has consistently stood up to the US with their own tit-for-tat US tariffs. China currently controls about 70% of the globes rare earth processing capabilities and they are using them as leverage in negotiations against US tariffs on China. President Trump threatened to cancel an upcoming meeting with President Xi of China at the APEC conference in South Korea in two weeks over this issue in his social media post today.

The US dollar index, which had been rising, fell .59 points to 98.59 and the 10-year US treasury skidded 0.075 to 4.07%.

At the New York spot close: gold rebounded $29.60 to $3,975.90; silver gained $0.08 higher to $48.93; platinum fell $33.40 to $1,600.70; and palladium gained $14.35 to $1,447.60.

10/9/2025: Silver breaks $50 before profit taking correction

Source: Dana Samuelson, American Gold Exchange

Austin — After trading between $48.70 and $49.50 overnight, the silver spot price broke sharply higher in early New York trading to as high as $51.22, before a profit taking correction ensued engulfing all four precious metals. After ripping higher in seven of the last ten trading sessions, gold, silver, platinum and palladium were all ripe for a profit-taking pause and today was the day. At the New York close gold was down 2%, silver gained 0.5%, platinum fell 2.5% and palladium tumbled 1.5%.

Multiple forces led to today’s precious metals sell-off.

Silver went into a complete market dislocation in London this morning creating a full-on silver squeeze. The $1.75 surge in New York to new all-time highs for silver broke the increasingly dislocated London Over the Counter market for physical delivery.

First, the London Over the Counter market premium for physical silver above the New York December Comex price surged from 40 cents yesterday to $1.80 this morning. At the same time the overnight lease rate blew out from 25% yesterday to 100% today. These extreme changes in premium and financing costs, at levels several trading partners said they had never seen before in their careers, were characteristic of a complete lack of liquidity or a temporary breakdown in the London OTC market.

We described this as a lack of silver for immediate delivery in yesterday's update and today it reached critical mass when silver surged sharply in New York, breaking the ability of traders to hold existing positions, which led to a sharp silver market sell-off. Silver fell $3.07 from peak to trough, before recovering and closing modestly higher at the close of the New York session. Silver continued to gain modestly in the electronic session. Gold, platinum and palladium clawed back about one quarter of their New York session losses in after- hours electronic trading.

The dollar, which has been edging higher all week, gained 0.5% on the US dollar index, to 94.41, a level not seen since August. With no US economic news released by the US government due to the ongoing shutdown, no news was good news. Meanwhile the Euro and the Yen weakened against the dollar due to uncertainty over French politics and fears of new yen unfriendly policies in Japan from Japan's likely next premier Sanae Takaichi.

Finally, news of a peace deal between Israel and Hamas in Gaza removed a little steam from their ongoing conflict, easing international tensions a bit.

At the New York spot close: gold tumbled $80.45 to $3,962.85; silver gained $0.19 higher to $48.84; platinum fell $43.90 to $1,634.10; and palladium shed $20.96 to $1,433.25.

10/8/2025: Gold pierces $4,000, silver tests all-time highs

Source: Dana Samuelson, American Gold Exchange

Austin — After pausing briefly yesterday, the relentless precious metals rally resumed with gusto today. All four precious metals moved sharply higher, gaining again first in overnight trading, with upward momentum carrying into and through the New York session.

Since yesterday’s NY close gold gained another 1.5%, firmly piercing the $4,000 mark. Silver rose almost 3% to an intra-day high of $49.56 before easing back a bit. Platinum gained 2.75% or a little over $50 while palladium rocketed over $100 or 7% higher.

Precious metals have been moving higher of their own volition over the last two weeks, driven by relentless bids, with little regard to their traditional inverse correlation to the US dollar, interest rates, or other normal market drivers such as changing geopolitical events.

While gold continues to set daily, new all-time highs, silver is finally testing its previous highs of $49.45 in January of 1980 and $49.80 in April of 2011. Lease rates, the amount of money one can borrow silver at, are currently sky high with the one-week rate currently quoted at 24%. In addition, the November silver futures contract on the Comex exchange is in backwardation, which means it is trading at a discount to the spot silver price. Both suggest demand for physical silver for immediate delivery exceeds supply, creating a fundamental imbalance for physical silver in the immediate delivery market.

Meanwhile, refineries in the US and elsewhere are backed up for 3-4 weeks processing incoming silver. The soaring silver price has resulted in large amounts of over the counter buying by dealers who in turn sell to refineries, the buyer of last resort. While physical silver is plentiful, there apparently are not enough 1,000 oz silver bars available in the immediate delivery market to satisfy demand for industrial buyers like ETF’s or bullion banks.

The release of the Fed minutes from the most recent Fed meeting Sept. 17-18, where the Fed cut rates 25 basis points and indicated two more 25-point rate cuts were likely this year, had little effect on precious metals prices. While most Fed participants voiced concern over a deteriorating US employment as justification for further rate cuts, several board members indicated that a stall in falling rate of inflation might justify the Fed standing pat.

At the New York spot close: gold climbed $66.70 to $4,043.30; silver charged $1.47 higher to $48.65; platinum rose $51.40 to $1,678.00; and palladium rocketed 106.60 higher to $1,454.20.

10/7/2025: Gold and palladium gain, silver falls

Source: Dana Samuelson, American Gold Exchange

Austin — Following yesterday’s $67 move higher to just under $3,950, gold added another $28 today, putting gold spot within striking distance of the psychological $4,000 per ounce mark. Palladium added another $20 following yesterday’s $54 move higher, to bring palladium up to just under $1,350. Contrarily, silver shed 90 cents on profit taking during today’s New York session. Platinum eased slightly lower.

According to MarketWatch, Goldman Sachs analysts Lina Thomas and Daan Struyven raised their 2026 gold target from $4,300 to $4,900 due to gold’s 17% rise since August, driven by western ETF inflows and probable Central Bank buying. The recent gold price surge from under $3,350 to over $3,950 has effectively raised the starting point for gold $600, which is the rationale for boosting their 2026 gold price target.

In other news, Ken Griffin, founder and CEO of the hedge fund Citadel remarked at the Citadel Securities conference in New York on Monday, “We’re seeing substantial asset inflation away from the dollar as people are looking for ways to effectively de-dollarize, or de-risk their portfolios vis-à-vis U.S. sovereign risk. I now view gold as a safe harbor asset in a way that the dollar used to be viewed. That’s what’s really concerning to me,” he said.

Note: If you see that gold did indeed trade over $4,000 an ounce today, you are looking at pricing for the Comex December gold futures contract. The December contract, which normally trades at a premium to spot, did indeed break the $4,000 mark today, peaking at $4,014 before easing lower $12 on profit taking.

At the New York spot close: gold climbed $28.10 to $3,976.60; silver fell $0.90 to $47.18; platinum eased $8.30 to $1,626.60; and palladium gained $20.80 higher to $1,347.60.

10/6/2025: Gold blows past $3,900, silver nears $50

Source: Dana Samuelson, American Gold Exchange

Austin — Gold surged over the $3,900 mark in overnight Asian trading Sunday and continued to gain through the London and New York sessions, extending further in after-hours trading. Silver and platinum also advanced. Palladium, which has been lagging the other three precious metals recently, led the precious metals complex higher on Monday, jumping more than $50 once it cleared the $1,300 level.

The metal’s safe-haven appeal strengthened Monday amid rising political and economic uncertainty in three major economies. In Japan, the yen slumped following the election of pro-stimulus lawmaker Sanae Takaichi as the country’s next prime minister. In France, Prime Minister Sébastien Lecornu resigned less than a month after taking office, just one day after forming a new government—a move that fractured a key coalition and pushed the euro 0.6% lower. In the United States, the ongoing government shutdown showed little sign of resolution. Despite the turmoil, the U.S. dollar index gained 0.4%, buoyed by declines in both the yen and euro.

At the New York spot close: gold climbed $67.70 to $3,948.50; silver jumped $0.48 to $48.08; platinum rose $15.60 to $1,634.90; and palladium surged $53.80 higher to $1,326.80.

10/3/2025: Gold climbs to new record high

Source: Matt Warden, American Gold Exchange

Austin — Gold prices resumed their rally on Friday after pausing the day before, with spot gold last trading near a new record high of $3,895/oz, keeping the metal on track for a seventh consecutive weekly gain. Thursday’s pullback was largely driven by profit-taking and overbought conditions but renewed safe-haven demand has brought buyers back into the market.

The U.S. government shutdown has delayed the Bureau of Labor Statistics’ release of September employment figures, depriving policymakers of a key data point ahead of the Fed’s October 29 meeting. In contrast, the private ADP report released Wednesday showed a loss of 32,000 jobs and downward revisions to August, underscoring persistent labor market weakness. With expectations for another 25-bps Fed cut now firming, gold continues to benefit from lower yields, a softer U.S. dollar, and uncertainty around the U.S. economic outlook.

Underpinning the rally this year is central bank demand, which has remained robust throughout the year. Large reserve holders such as China, India, and Turkey have steadily increased their gold purchases, seeking diversification away from the U.S. dollar and protection against geopolitical and fiscal risks. This persistent buying has provided a strong demand floor, helping gold maintain momentum even during periods of profit-taking or temporary strength in the dollar.

Silver has also seen steady support, with spot last trading around $48.10/oz, buoyed both by safe-haven flows and industrial demand. Its role as a key component in solar panels, electronics, and other industrial applications provides fundamental strength, while relentless ETP inflows underscore the growing investor confidence in silver as a store of value.

At the New York close: Dec gold climbed $39.60 to $3907.7; Dec silver leapfrogged $1.50 higher to $47.87; Jan platinum surged $53.40 to $1639.40; and Dec palladium added $26.70 to $1286.00.