AGE Daily Gold Update

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

8/29/2025: Gold rallies to new record high

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold rallied 1.2% to close at a new all-time high near $3,474 after moderate inflation data reinforced the outlook for coming rate cuts from the Fed, pressuring the dollar and lifting alternative stores of value. Bullion gained 5.5% for the month, its best since April. Silver surged 2.6% to $40.20 an ounce for whopping 10% rise in August.

The Personal Consumption Expenditures index showed inflation rising 0.2% in August, in line with expectations, for an annualized inflation rate of 2.6%. The Fed's preferred inflation gauge, the so-called core PCE factoring out food and energy, rose 0.3% for 12-month rate of 2.9%.

While the elevated annualized core rate, the highest since February, suggests tariff inflation is beginning to take root, the overall inflation picture is benign enough for the Fed to begin cutting interest rates in September—proved the next payrolls report is not abysmal.

Fed fund futures traders now see an 88% likelihood of a quarter-point reduction later this month, followed by at least one more by December.

The dollar fell 0.2% against major rivals on the dovish rates view, posting a 2% decline for the month. A falling dollar lifts gold and other commodities by making them less expensive overseas.

Platinum picked up 1.1% for the day and 6.6% for the month. Palladium added 0.1% for a monthly loss of 0.7%.

At the New York spot close: gold rallied $41.90 to $3,473.70; silver surged $1.01 to $40.20; platinum picked up $15.25 to $1,371.65; and palladium added 65 cents, to $1,105.25 an ounce.

8/28/2025: Third highest NY gold close in history

Source: Dana Samuelson, American Gold Exchange

Austin — Gold gained for a third straight New York session, closing firmly above $3,400 an ounce, its third-highest finish on record. Gold has now risen in four of the past five sessions, fueled by dovish signals from Fed Chair Jerome Powell’s Jackson Hole speech last Friday, which opened the door to possible rate cuts at the Fed’s September 16–17 meeting.

Silver, platinum, and palladium also advanced.

Gold tends to rally ahead of and during rate-cut cycles—and it is doing so now. The dollar fell another 40 basis points today and is now down 80 bps since Powell spoke to 97.81 on the US dollar index. Treasury yields are falling in tandem, with the 10-year note down 12 basis points from Friday to 4.21% today.

Gold benefits when rates, yields, and the dollar slide. As most global demand for gold comes from outside the U.S., a cheaper dollar makes gold more affordable abroad. Lower yields also reduce the opportunity cost of holding bullion.

Persistent inflation adds to the metal’s appeal. Today’s upward revision to Q2 GDP—from 3.0% to 3.3% underscored the US economy’s resilience and stoked fears that rate cuts could reignite price pressures.

At the New York spot close: gold gained $27.20 to $3,431.80; silver added 50 cents to $39.19; platinum picked up $21.81 to $1,363.21; and palladium rose $22.60 to $1,104.60 an ounce.

8/27/2025: Gold gains on yield, Cook

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained 0.5% to close near $3,405 on safe-haven inflows after White House efforts to influence the Fed continued to worry investors and pressure Treasury yields. Silver added 0.1% to finish at $38.63 an ounce.

Fallout from President Trump's decision to fire Fed Governor Lisa Cook continued for a second day as investors raised questions about the Fed's independence from political tampering.

Trump's move against Cook, based on allegations of mortgage irregularities, is widely viewed as one more attempt to dictate interest rate policy. Cook has filed suit to keep her job, calling her firing unlawful.

Benchmark 10-year Treasury yields fell again as investors sought the perceived safety of government bonds. Falling yields lift gold by decreasing the opportunity cost for holding it instead of bonds. The dollar was virtually unchanged.

Investors await tomorrow's GDP data and Friday's release of the PCE index, the Fed's preferred inflation gauge, for further clues on interest rates.

Platinum rose 0.3% while palladium fell 0.6%.

At the New York spot close: gold gained #=$16 to $3,404.60; silver added a nickel, to $38.63; platinum picked up $3.45 to $1,348.55; and palladium slipped $7.10 to $1,097.65 an ounce.

8/26/2025: Gold gains after Cook firing

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained 0.4% to close near $3,389 as growing concerns about the independence of the Fed undercut Treasury yields and the dollar while fueling demand for safe havens. Silver slipped 0.3% to finish at $38.58 an ounce.

President Trump fired Fed Governor Lisa Cook overnight for alleged improprieties in mortgage applications before she joined the Fed. Of uncertain legality, the move is widely viewed as an attempt to influence monetary policy by installing a loyalist on the FOMC. Cook said she will fight the dismissal in court.

Trump has been aggressively pressuring the Fed to cut interest rates by 300 basis points to levels consistent with a recession—despite repeatedly claiming that the economy is booming.

Benchmark 10-year Treasury yields fell on flights to safety as investors worry that compromised Fed independence would cause global investors to lose confidence in US financial assets. Lower yields lift gold by reducing the opportunity cost for holding it instead on bonds.

Tracking lower with yields, the dollar fell 0.3% against major rivals, supporting gold and other commodities by making them less expensive in other currencies.

Platinum and palladium rose 0.1% and 0.2%, respectively.

At the New York spot close: gold gained $14.80 to $3,388.60; silver slipped a dime to $38.58; platinum picked up $1.30 to $1,345.15; and palladium added $2.10, to $1,104.75 an ounce.

8/25/2025: Gold flat as dollar rebounds

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold was nearly flat, inching down 60 cents to close near $3,374, as the markets digested Friday's dovish lean from Jerome Powell while awaiting this Friday's PCE data for additional clues on interest rates. Silver shed 0.9% to finish at $38.68 an ounce.

Speaking at the Jackson Hole symposium of global central bankers on Friday, Chairman Powell suggested that current weakness in the US labor market "might warrant adjusting" the Fed's wait-and-see posture on rate cuts.

The markets ran with rate-cut hopes, lifting stocks and gold on Friday while pressuring yields and the dollar. But despite his dovish lean, Powell was ultimately noncommittal, signaling that inflation data between now and the next Fed meeting in September will also influence the rate view.

The Personal Consumption Expenditures data due on Friday should help clarify the outlook. The PCE is the Fed's preferred inflation gauge.

Benchmark 10-year Treasury yields bounce slightly higher on this reassessment, weighing on gold by increasing the opportunity cost for holding it instead of bonds.

The dollar rebounded 0.5% after falling on Friday, pressuring gold and other commodities priced in it for global; trade by making them pricier in other currencies.

Platinum and palladium fell 1.5% and 2.8%, respectively.

At the New York spot close: gold dipped 60 cents to $3,373.80; silver shed 35 cents to $38.68; platinum dropped $21 to $1,343,85; and palladium fell $32.20 to $1,102.65 an ounce.

8/22/2025: Gold surges on dovish Powell

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold surged 1.1% to close above $3,374 as Treasury yields and the dollar plunged after Jerome Powell signaled a probable interest rate cut in September. Bullion gained 1.2% for the week. Silver jumped 2.4% to finish at $37.89, posting a 3% weekly rise.

In a much-anticipated speech at the annual Jackson Hole symposium of global central bankers, the Fed Chair acknowledged that downside risks to the labor market "may warrant adjusting our policy stance."

While Powell did not explicitly commit to cutting rates, he was more dovish than expected and the markets ran with it. Fed funds futures raised the likelihood of a quarter-point cut in September to nearly 90%, up from 70% before the speech.

All three major US equity indexes rallied strongly on the prospect of easier money, with the Dow and Nasdaq adding nearly 2% while the S&P 500 rose 1.5%.

Benchmark 10-year Treasury yields fell sharply to 4.26%, supporting gold by decreasing the opportunity cost for holding it instead of bonds for safety.

Tracking lower with yields, the dollar tumbled nearly 1%, lifting gold and other commodities by making them less expensive in other currencies, boosting demand overseas.

Platinum rose 0.7% for the session and 2% for the week, Palladium added 2% today and 1.1% this week.

At the New York spot close: gold gained $37.50 to $3,374.40; silver surged 91 cents to %+$1,364.85; platinum picked up $8.90 to $1,364.85; and palladium rose $22.70 to $1,134.85 an ounce.

8/21/2025: Gold slips before Powell speech

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold slipped 0.2% to close under $3,337 as Treasury yields and the dollar rose on a shifting rate view ahead of Jerome Powell's speech on US monetary policy. Silver gained 1.1% to finish at $38.12 an ounce.

Speaking tomorrow at the annual Jackson Hole conference of global central bankers, Fed Chairman Powell is expected to signal the framework for US interest rate policy in coming months.

Following an abysmal jobs report two weeks ago, traders expected an interest rate cut at the Fed's September meeting, possibly followed by at least one and maybe two more before the year is out.

But stronger than expected wholesale inflation shifted this narrative. Today several prominent members of the FOMC, which votes on rates, voiced skepticism that a rate cut in September is appropriate.

Cleveland Fed President Beth Hammack said "the data we have right now" does not make a case for rate cuts. Kansas City Fed President Jeffrey Schmid said rates are " in a really good spot" now, without definitive data justifying a change. Atlanta Fed President Raphael Bostic, while supporting a cut sometime this year, is " not stuck on anything."

Chair Powell's speech tomorrow could provide important clues on whether and when rate cuts might come.

Fed fund futures trading dropped the likelihood of a quarter-point rate cut to 71%, down from 82% yesterday and 92% last week.

Benchmark 10-year Treasury yields rose back above 4.33% on the shifting rate view, weighing gold by increasing the opportunity cost for holding it instead of bonds for safety.

Tracking higher with yields the dollar added 0.4%, pressuring gold by making it pricier in other currencies.

Platinum and palladium rose 1.4% and 0.8%, respectively.

At the New York spot close: gold slipped $6.50 to $3,3336.90; silver rose 41 cents to $38.12; platinum picked up $19.10 to $1,355.95; and palladium advanced $9 to $1,1112.15 an ounce.

8/20/2025: Gold gains on yields, dollar

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained 0.9% to close above $3,343 on bargain-hunting as Treasury yields and the dollar fell after President Trump intensified his efforts to control the Fed. Silver jumped 1.2% to finish at $37.71 an ounce.

Trump today demanded the resignation of Fed Governor Lisa Cook, a voting committee member, after FHFA director Bill Pulte, a close Trump ally, alleged mortgage fraud. Pulte has made similar allegations against Sen. Adam Schiff and New York Attorney General Letitia James, considered Trump adversaries.

Cook has been a steadfast supporter of Fed Chair Jerome Powell, whom Trump has repeatedly lambasted and tried to force out of office for not cutting interest rates.

Treasury yields and the dollar both pulled back, in part on worries that tampering with the independence of the central bank may undermine global faith in the US financial system.

Falling yields boost gold by decreasing the opportunity cost for holding it instead of bonds. A weaker dollar makes gold and other commodities cheaper in other currencies.

Meanwhile, the minutes from the Fed's July meeting showed growing concern about rising inflation due to Trump tariffs. The decision to hold rates steady was nearly unanimous, with two Fed Governors, Michelle Bowman and Christopher Waller, dissenting.

Investors await Powell's Friday speech at the Jackson Hole meeting of global central bankers for further clues on interest rate policy.

Platinum and palladium added 2.6% and 0.6%, respectively.

At the New York spot close: gold gained $30 to $3,34.30; silver rose 45 cents to $37.71; platinum picked p $29.70 to $1,336.85; and palladium added $7.10, to $1,121.15 an ounce.

8/19/2025: Gold eases ahead of Powell

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold eased 0.5% to close above $3,314 in light trade as the dollar crept higher and traders repositioned ahead of Friday's speech by Jerome Powell. Silver dropped 2% to finish at $37.26 an ounce.

Chairman Powell is expected to outline the upcoming framework for US monetary policy at the annual meeting of global central bankers at Jackson Hole. Despite being under relentless pressure from President Trump to lower interest rates, Powell is likely to lean only slightly dovish.

Softer economic data and concerns about slower growth due to high tariffs are expected to outweigh inflation worries, resulting in a reduction of 25 basis points after the Fed's meeting in September, followed by a second cut in October. After last week's elevated PPI, a third cut in December is probably off the table.

Meanwhile, the US ramped up new tariffs on steel, aluminum, and more than 400 products including wind turbines, heavy equipment, and furniture.

UBS Global Wealth Management has raised its price target on gold to $3,600 by March 2026 and $3,700 by July 2026, citing strong investment demand, macroeconomic risks from trade wars and shooting wars, and de-dollarization. Bullion has gained 28% this year.

The dollar edged up slightly, weighing on gold and silver by making them pricier overseas.

Platinum and palladium fell 2% and 1.2%, respectively.

At the New York spot close: gold dropped $18.30 to $3,313.40; silver slid 79 cents to $37.26; platinum fell $26.30 to $1,307.15; and palladium shed $13.10 to %1,114.05 an ounce.

8/18/2025: Gold dips on rising dollar, yields

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold inched down 0.1% to close under $3,332 as Treasury yields and the dollar rose behind some downbeat data ahead of this week's Fed meeting in Jackson Hole. Silver rose 0.4% to finish at $38.05.

US homebuilder sentiment fell in August to the lowest level in 30 months, with affordability and economic uncertainty suppressing sales. More than one-third of residential construction firms report offering incentives to lure buyers, according to the NAHB.

Combined with last week's reported surge in wholesale inflation and fall in consumer sentiment, the data further clouds the outlook for rate cuts from the Fed. The release of minutes from the Fed's July meeting, and Chairman Powell's speech from Jackson Hoile on Friday should provide more clues.

Fed funds futures traders project an 83% likelihood of a quarter-point cut in September, down from 93% last week, with the odds of another in October at 43%, down from 55% last week.

Hopes for progress in ending the Russia-Ukraine war boosted yields and the dollar ahead of this week's meeting between Donald Trump and Volodymyr Zelenskyy.

Benchmark 10-year Treasury yields pushed up near 4.34, weighing on gold by increasing the opportunity cost for holding it. The dollar added 0.3%, making gold and other commodities pricier overseas.

Platinum slipped 0.3% while palladium rose 0.6%.

At the New York spot close: gold dipped $4.30 to $3,331.70; silver added 16 cents, to $38.05; platinum slid $4.60 to $1,333.45; and palladium rose $4.70 to $1,127.15 an ounce.