AGE Daily Gold Update

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

8/20/2025: Gold gains on yields, dollar

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained 0.9% to close above $3,343 on bargain-hunting as Treasury yields and the dollar fell after President Trump intensified his efforts to control the Fed. Silver jumped 1.2% to finish at $37.71 an ounce.

Trump today demanded the resignation of Fed Governor Lisa Cook, a voting committee member, after FHFA director Bill Pulte, a close Trump ally, alleged mortgage fraud. Pulte has made similar allegations against Sen. Adam Schiff and New York Attorney General Letitia James, considered Trump adversaries.

Cook has been a steadfast supporter of Fed Chair Jerome Powell, whom Trump has repeatedly lambasted and tried to force out of office for not cutting interest rates.

Treasury yields and the dollar both pulled back, in part on worries that tampering with the independence of the central bank may undermine global faith in the US financial system.

Falling yields boost gold by decreasing the opportunity cost for holding it instead of bonds. A weaker dollar makes gold and other commodities cheaper in other currencies.

Meanwhile, the minutes from the Fed's July meeting showed growing concern about rising inflation due to Trump tariffs. The decision to hold rates steady was nearly unanimous, with two Fed Governors, Michelle Bowman and Christopher Waller, dissenting.

Investors await Powell's Friday speech at the Jackson Hole meeting of global central bankers for further clues on interest rate policy.

Platinum and palladium added 2.6% and 0.6%, respectively.

At the New York spot close: gold gained $30 to $3,34.30; silver rose 45 cents to $37.71; platinum picked p $29.70 to $1,336.85; and palladium added $7.10, to $1,121.15 an ounce.