AGE Daily Gold Update

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

8/1/2025: Gold surges on jobs, tariffs

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold surged 1.7% to close at a one-week high above $3,347 after an abysmal jobs report and aggressive new Trump tariffs crushed the dollar and stoked demand for safe havens. Bullion picked up 0.4% for the week. Silver rose 0.7% to finish at $36.79, losing 3.6% on the week.

The US economy added merely 73,000 jobs in July, the Labor Department said, with almost all hiring restricted to a single sector, healthcare. The unemployment rate rose to 4.2% from 4.1% in June, held in check only by a falling labor participation rate. So far this year, 1.5 million job seekers have given up and left the labor force.

Meanwhile, employment gains during the previous two months were revised drastically lower. June's initially reported total of 147,000 new jobs was slashed to just 14,000, while May's 144,000 total was revised down to 19,000.

Analysts attribute the cracks in the labor market to economic uncertainty generated by tumultuous trade policies, which have left employers reluctant to hire.

Against this backdrop, the White House announced a new round of draconian tariffs against dozens of trading partners. Imports from Switzerland will be subject to 39% duties, Brazil 50%, Taiwan 20%, and Canada 35%, to name a few.

Wall Street plunged on the jobs report and tariff news. The Dow shed 1.2% while the S&P 500 and Nasdaq lost 1.7% and 2.3%, respectively.

Benchmark 10-year Treasury yields retreated to just above 4.2% as investors, fearful of stagflation, fled into the perceived safety of government debt. Falling yields support gold by decreasing the opportunity cost for holding it instead of bonds for safety.

The dollar plummeted 1% against major rivals, boosting gold and other commodities by making them cheaper overseas.

Platinum rose 1.4% today but still lost 7.3% this week. Palladium added 1.5% for the day but slid 1.5% for the week.

At the New York spot close: gold gained $54.50 to $3,347.20; silver rose 24 cents to $36.79; platinum picked up $17.60 to $1,304; and palladium advanced $18.30 to $1,211.85 an ounce.