AGE Daily Gold Update

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

8/11/2025: Gold tumbles on tariff clarity

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold tumbled 2.5% to close near $3,353 as the White House announced that bullion will not be subject to tariffs and traders positioned for tomorrow's important CPI release. Silver dropped 2% to finish at $37.66 an ounce.

Last Friday, gold futures jumped to a record above $3,500 after U.S. Customs and Border Protection posted on its website that gold bars could be subject to tariffs. Today, this premium drained from the gold price after President Trump posted in social media that gold will not, in fact, be tariffed.

Adding to pressure on bullion, the dollar rose 0.3% against major rivals on expectations that tomorrow's release of the latest CPI data will show inflation heating up because of tariffs. A stronger dollar weighs on gold by making it pricier in other currencies.

If the CPI surprises to the upside, the Fed may delay cutting interest rates despite last week's clear signs that the economy is slowing. Jobs, manufacturing, and services data all came in much weaker than forecast.

Platinum added less than 0.1% while palladium rose 2.3%.

At the New York spot close: gold fell $86 to $3,353.10; silver shed 76 cents to $37.66; platinum picked up 70 cents to $1,330.85; and palladium rose $26.40 to $1,156.65 an ounce.