AGE Daily Gold Update

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

12/1/2025: Gold rises to 6-week high

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold rose 0.5% to close at a six-week above $4,239 as rate-cut bets and weak US economic data pressured the dollar, boosting alternative stores of value. Silver surged 3.5% behind tight global supplies, hitting a new all-time high above $58.20 before finishing at $58.42 an ounce.

US manufacturing shrank for the ninth straight month in November, with the ISM manufacturing index falling to a four-month low of 48.2%, where anything under 50% indicates contraction. The high costs from tariffs and rising global uncertainty, combined with the protracted government shutdown, pushed new orders close to a 15-year low.

In recent weeks, a softening job market and plunging consumer sentiment have prompted a growing number of Fed officials to signal their openness to additional rate cuts despite stubbornly high inflation.

Fed fund futures traders put the odds of a quarter-point cut in December at nearly 90%, with a similar cut in January at nearly 60%.

Adding to the dovish outlook, Kevin Hassett appears increasingly likely to succeed Jerome Powell as Fed Chair this spring. President Trump, who has aggressively pressured the Fed to slash rates, said today that he is 70% certain of Powell's replacement. Hassett has loyally supported all of Trump's positions on trade and other economic issues.

The dollar slipped 0.2% on the rate outlook, boosting gold and other commodities by making them cheaper in other currencies.

Platinum and palladium fell 0.9% and 1.6%, respectively.

At the New York spot close: gold gained $21 to $4,230.30; silver surged $1.97 to $58.42; platinum lost $14.70 to $1,663.05; and palladium dropped $23.75 to $1,444.75 an ounce.