AGE Daily Gold Update

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

7/11/2025: Gold rallies on more tariff salvos

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold rallied 1.2% to close at a two-week high of $3,356 on flights to safety after the White House announced yet more new tariffs, rattling markets. Bullion ended the week with a gain of 0.7%. Silver rose 4.4% to $38.68 for a weekly increase of 5.2%.

President Trump threatened Canada with 35% tariffs, separate from sectional tariffs already in place. However, the new edict exempts items covered by the US-Mexico-Canada-Trade-Agreement, which comprise around 38% of imports from Canada.

The latest shakeup in trade relations follows announcement earlier this week of new 25% duties on 12 major partners like South Korea and Japan, along with 20% to 30% duties on 7 minor trading partners, plus 50% duties on imported copper and 50% tariffs on Brazil, with whom the US already has a trade surplus.

According to the International Chamber of Commerce, US consumers will now pay an effective tariff rate of more than 20%, the highest since the early 1900s. The effective rate was 16%, the highest since the 1930s, after Trump's "Liberation Day" launch of tariffs in April.

The Dow and S&P 500 fell 0.7% and 0.3%, respectively, while the VIX volatility index jumped 1.7% after the new trade salvos.

Platinum rose 4.1% for a weekly gain of 5.8%. Palladium added3.1% today and 6.7% this week.

At the New York spot close: gold gained $38.60 to $3,356; silver surged $1.64 to $38.68; platinum picked up $57.10 to $1,452; and palladium advanced $36.40 to $1,223.30 an ounce.