AGE Daily Gold Update

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

7/1/2025: Gold gains on haven demand

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold rose 1.3% to close near $3,337 on safe-haven inflows after President Trump's costly tax and spending bill passed the Senate, bringing it closer to reality. Silver added 0.6% to finish at $36.08 an ounce.

The so-called big, beautiful bill to extend tax cuts while cutting social programs appears to be on its way to becoming law after narrowly passing in the Senate. Now the House must approve the Senate's amendments.

The spending package will add $3.3 trillion to the already-massive US deficit over the next 10 years, increasing the national debt burden at a time when trade wars threaten to increase inflation and therefore the cost of servicing the debt.

Gold is often considered a store of value during times of political and economic uncertainty.

The ISM reported US manufacturing remained in contraction last month despite the temporary reduction in tariffs. The index came in at 49%, where readings over 50% signals expansion. New orders fell to 46%. A survey of executives said the trade wars are increasing costs while curbing demand and making it harder to plan.

Treasury Secretary Scott Bessent reiterated today that suspended tariffs are scheduled to resume on July 9.

Benchmark 10-year Treasury yields inched up slightly while the dollar slipped.

Platinum and palladium added 0.9% and 0.2%, respectively.

At the New York spot close: gold gained $42.30 to $3,336.70; silver climbed 23 cents to $36.08; platinum picked up $11.90 to $1,345.90; and palladium added $1.90, to $1,102.90 an ounce.