AGE Daily Gold Update

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

4/29/2025: Gold slips on tariff hopes

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold slipped 0.4% to close under $3,319 as the hope of easing trade-war tensions lifted equities and the dollar, undercutting demand for safe-haven assets despite plunging US consumer confidence. Silver added 0.6% to finish at $33.28 an ounce.

Apparently bowing to pressure from US automakers, the Trump administration said it will lessen auto tariffs by reducing taxes on foreign-made parts used in cars made in the US. In addition, it will try to prevent imported cars from being hit with multiple tariffs.

Separately, Treasury Secretary Scott Bessent suggested that "several" trading partners have made proposals to reduce or offset tariffs.

Wall Street ran with the hope that trade policy might begin to normalize. All three major US stock indexes rose more than 0.5%, with the Dow and S&P 500 extending their winning streaks to five sessions.

The dollar picked up 0.2%, trying to climb off the three-year low it hit recently because of trade chaos.

Against this backdrop, consumer confidence fell in April to the lowest level since the depths of the pandemic, according to the Conference Board, while the so-called expectations index, which looks six months ahead, fell to the lowest level since 2011.

Platinum lost 0.9% while palladium rose 0.3%.

At the New York spot close: gold slipped $13.70 to $3,318.80; silver rose 27 cents to $33.28; platinum dropped $8.70 to $978.70; and palladium picked up $3 to $943.40 an ounce.