AGE Daily Gold Update

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

7/9/2025: Gold gains on new tariffs

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold edged up 0.1% to close near $3,312 as rekindled trade war worries pushed investors towards safe havens and pressured Treasury yields. Silver slipped 0.3% to finish at $36.15 an ounce.

President Trump today announced new tariffs of between 20% and 30% on seven minor trading partners, including the Philippines, Sri Lanka, Iraq, and others. The move comes after new tariff announcements of 25% on major partners like South Korea and Japan along with 12 other nations. And yesterday Trump raised duties on imported copper to 50%.

Benchmark 10-year Treasury yields rolled back as investors sought protection from the highest US tariffs since 1934, when protectionist trade policies deepened the Great Depression.

The dollar was little changed.

Gold's gains were capped by somewhat hawkish minutes from the Fed's last meeting on monetary policy. Only "a couple" of committee members advocated lowered interest rates in July, while the majority remained concerned about inflationary pressures from Trump trade policies.

Platinum slipped 0.4% while palladium rose 0.4%.

At the New York spot close: gold gained $4.60 to $3,311.60; silver slid 12 cents to $36.35; platinum dipped $6 to $1,370.60; and palladium picked up $4.20 to $1,115.20 an ounce.