AGE Daily Gold Update

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

11/3/2025: Gold reclaims $4,000 an ounce

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained 0.5% to close above $4,000 despite upticks in Treasury yields and the dollar as traders weighed fallout from the government shutdown and sifted for clues about further rate cuts from the Fed. Silver slipped 0.2% to finish at $47.89 an ounce.

US factory output contracted in October for the eighth straight month, with the ISM manufacturing survey falling to 48.7%, where anything under 50% signifies contraction. Industry executives cited the high tariffs imposed by the Trump administration as the leading cause of manufacturing weakness.

With the government shutdown stretching on, economists anticipate that consumer spending, the primary prop of the economy, may begin to weaken as the holiday season begins. Mid and lower income families are especially vulnerable to the potential loss of federal food benefits and healthcare subsidies.

Without employment data available from the BLS because of the shutdown, traders will focus on the ADP private payrolls numbers this week for indications of labor market health.

Following last week's quarter-point rate cut, Fed Chair Jerome Powell emphasized that the case for another one in December has weakened along with the employment outlook. Fed funds futures traders are pricing-in a 63% chance, down from 93% before Powell's remarks.

Benchmark 10-year Treasury yields inched above 4.1% on the shifting rate outlook, capping gold's rise by increasing the opportunity cost for holding it instead of bonds for safety.

Tracking with yields, the dollar inched up 0.1% against major rivals and hit a three-month high against the euro. A stronger dollar weighs on gold and other commodities by making them more expensive in other currencies.

Platinum dropped 0.7% while palladium added 0.1%.

At the New York spot close: gold gained $18.10 to $4,000.30 an ounce; silver sipped 11 cents to $47.89; platinum shed $10.40 to $1,568.55; and palladium picked up $1.30 to $1,446.05 an ounce.