AGE Daily Gold Update

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

4/23/2025: Gold tumbles on risk appetite

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold tumbled 3.7% to close near $3,276 as risk appetite rebounded after the White House signaled a possible de-escalation in the trade war with China and President Trump softened his rhetoric against the Federal Reserve. Silver rose 2% to 33.52 an ounce.

According to Reuters, the White House is amenable to lowering tariffs on imports from China, dropping them to around 60% from the current 145% as part of trade talks. The news comes one day after Treasury Secretary Scott Bessent privately told a conclave of major investors that the China tariffs are "unsustainable."

Wall Street leapt at the possibility of trade war relief, with the Dow and S&P 500 rising 1% and 1.7%, respectively, and the Nasdaq 2.5%.

Adding to risk appetite, the President backed away from his fiery criticism of Fed Chair Jerome Powell. Trump's attacks on the Fed roiled the markets this week, as Fed independence is considered the bedrock of global confidence in the dollar and Treasurys, both of which have seen major liquidations by foreign investors recently.

The dollar added 0.6% against major rivals but hovered near multi-year lows.

Despite today's correction, bullion has still gained nearly 30% this year and hit 28 record highs.

JP Morgan raised its gold price forecast to $4,000 by Q2 of next year, citing aggressive demand for bullion by global central banks and an increased likelihood of recession because of tariffs.

Platinum climbed 2.1% and palladium picked up 0.4%.

At the New York spot close: gold tumbled $124.50 to $3,276.30; silver rose 64 cents ot $33.52; platinum gained $20.30 to $971.70; and palladium picked up $4.120 to $944 an ounce.