AGE Daily Gold Update

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

8/21/2025: Gold slips before Powell speech

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold slipped 0.2% to close under $3,337 as Treasury yields and the dollar rose on a shifting rate view ahead of Jerome Powell's speech on US monetary policy. Silver gained 1.1% to finish at $38.12 an ounce.

Speaking tomorrow at the annual Jackson Hole conference of global central bankers, Fed Chairman Powell is expected to signal the framework for US interest rate policy in coming months.

Following an abysmal jobs report two weeks ago, traders expected an interest rate cut at the Fed's September meeting, possibly followed by at least one and maybe two more before the year is out.

But stronger than expected wholesale inflation shifted this narrative. Today several prominent members of the FOMC, which votes on rates, voiced skepticism that a rate cut in September is appropriate.

Cleveland Fed President Beth Hammack said "the data we have right now" does not make a case for rate cuts. Kansas City Fed President Jeffrey Schmid said rates are " in a really good spot" now, without definitive data justifying a change. Atlanta Fed President Raphael Bostic, while supporting a cut sometime this year, is " not stuck on anything."

Chair Powell's speech tomorrow could provide important clues on whether and when rate cuts might come.

Fed fund futures trading dropped the likelihood of a quarter-point rate cut to 71%, down from 82% yesterday and 92% last week.

Benchmark 10-year Treasury yields rose back above 4.33% on the shifting rate view, weighing gold by increasing the opportunity cost for holding it instead of bonds for safety.

Tracking higher with yields the dollar added 0.4%, pressuring gold by making it pricier in other currencies.

Platinum and palladium rose 1.4% and 0.8%, respectively.

At the New York spot close: gold slipped $6.50 to $3,3336.90; silver rose 41 cents to $38.12; platinum picked up $19.10 to $1,355.95; and palladium advanced $9 to $1,1112.15 an ounce.