AGE Daily Gold Update

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

8/19/2025: Gold eases ahead of Powell

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold eased 0.5% to close above $3,314 in light trade as the dollar crept higher and traders repositioned ahead of Friday's speech by Jerome Powell. Silver dropped 2% to finish at $37.26 an ounce.

Chairman Powell is expected to outline the upcoming framework for US monetary policy at the annual meeting of global central bankers at Jackson Hole. Despite being under relentless pressure from President Trump to lower interest rates, Powell is likely to lean only slightly dovish.

Softer economic data and concerns about slower growth due to high tariffs are expected to outweigh inflation worries, resulting in a reduction of 25 basis points after the Fed's meeting in September, followed by a second cut in October. After last week's elevated PPI, a third cut in December is probably off the table.

Meanwhile, the US ramped up new tariffs on steel, aluminum, and more than 400 products including wind turbines, heavy equipment, and furniture.

UBS Global Wealth Management has raised its price target on gold to $3,600 by March 2026 and $3,700 by July 2026, citing strong investment demand, macroeconomic risks from trade wars and shooting wars, and de-dollarization. Bullion has gained 28% this year.

The dollar edged up slightly, weighing on gold and silver by making them pricier overseas.

Platinum and palladium fell 2% and 1.2%, respectively.

At the New York spot close: gold dropped $18.30 to $3,313.40; silver slid 79 cents to $37.26; platinum fell $26.30 to $1,307.15; and palladium shed $13.10 to %1,114.05 an ounce.