AGE Daily Gold Update

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

6/3/2025: Gold slips on yields, dollar

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold slipped 0.6% to close above $3,350 as Treasury yields and the dollar bounced higher despite downbeat data as traders grew more optimistic about US-China trade relations. Silver dipped 0.2% to finish at $34.50 an ounce.

The Commerce Department reported that new orders for US factory goods fell an unexpected 3.7% in April, and spending by businesses shrank on uncertainty over US trade policies.

Separately, job openings rose in April by 200,000 as employers, stymied by fluctuating tariffs, leave openings unfilled.

The Paris-based OECD downgraded global growth for 2025 and 2026 to 2.9% from 3.1% previously, while the forecast for US growth was slashed to 1.6% this year and 1.5% next year. The US-induced trade wars are cited as the cause of weakening economic prospects.

Still, investors grew optimistic that this week's possible phone conversation between President Trump and Chinese leader Xi Jinping could lower the heat between the world's two largest economies. All three major US stock indexes rose at least 0.6%.

Benchmark 10-year Treasury yields edged up toward 4.5% as traders shifted toward risk, pressuring gold by increasing the opportunity cost for holding instead of bonds for safety.

Tracking higher with yields, the dollar added 0.5% against major rivals. A stronger dollar weighs on gold and other commodities by making them pricier in other currencies.

Platinum and palladium climbed 0.8% and 2.8%, respectively.

At the New York spot close: gold slipped $20.40 to $3,250.20; silver slid 6 cents to $24.50; platinum picked up $81.0 to $1,071.30; and palladium advanced $27.50 to $1,016.10 an ounce.