AGE Daily Gold Update

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

9/15/2025: Gold sets new record before Fed

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained 0.9% to close above $3,682, a new all-time high, as Treasury yields and the dollar eroded ahead of this week's meeting of the Federal Reserve. Silver rose 0.3% to finish at $42.52 an ounce.

The Fed is almost universally expected to cut interest rates by a quarter-point at this pivotal meeting. A rapidly weakening labor market is likely to offset growing concerns that loosening monetary policy, combined with the burgeoning effects of high tariffs, may stoke inflation.

The question is what comes next. Investors will scour the post-meeting Fed's policy statement, updated dot-plots providing forward guidance, and Fed Chair Jerome Powell's press conference for clues about how many more rate cuts to expect this year.

Adding additional pressure on this meeting, President Trump is aggressively trying to reshape the Fed and influence interest rates. His attempt to fire Fed Governor Lisa Cook, thereby opening a voting seat for a loyalist, is pending Supreme Court review. Senate ratification of Stephen Miran, another Trump appointee, is expected in time for this week's vote.

A recent Duke University poll revealed that 24 of 25 former Fed officials see "elevated" and even "extreme" risk that Fed independence will be compromised, leading to higher inflation.

Benchmark 10-year Treasury yields pulled back to just above 4%, supporting gold by decreasing the opportunity cost for holding it instead of bonds for safety.

Tracking lower with yields, the dollar lost 0.3% against major rivals, boosting gold and other commodities by making them less expensive on the other currencies.

Platinum picked up 0.4% while palladium shed 2.2%.

T the New York spot close: gold gained $32.80 to $3,682.29; silver added 13 cents, to $42.50; platinum rose $61.10 to $1,407.65; and palladium retreated $27.65 to $1,201.65 an ounce.