AGE Daily Gold Update

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

4/21/2025: Gold surges past $3,400

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold surged another 3% to close at a new record high above $3,406 as trade war worries and new threats against the Fed by President Trump rattled the markets, driving investors toward safety. Silver added 0.2% to finish at $32.50 an ounce.

Trump launched another scathing attack on Fed Chair Jerome Powell, trying to pressure the Fed into lowering interest rates to offset the economic damage caused by his aggressive and confusing trade policies.

The tone and intensity of the President's criticism of his own appointee rattled the markets, as investors are becoming increasingly uncertain whether the central bank can remain independent. The White House is reportedly seeking ways to terminate Powell's tenure unless he cooperates.

The dollar plunged more than 1% to a three-year low against major rivals led by the Swiss franc, a go-to safe-haven currency. A weaker dollar lifts gold by making it cheaper overseas.

Against this backdrop, the trade wars took a new turn as China accused the US of abusing tariffs and warned other targeted nations not to strike deals at its expense.

Al three major US equity indexes tumbled more than 3%.

Platinuma and palladium slid 0.4% and 2.4%, respectively.

At the New York spot close: gold surged $97.50 to $3,406.20; silver added 8 cents, $32.50; platinum dipped $4.40 to $964.80; and palladium shed $22.80 to $939.80 an ounce.