AGE Daily Gold Update

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

12/3/2025: Gold gains on weak jobs data

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained 0.4% to close above $4,199 after soft private-payrolls data reinforced expectations that the Fed will cut interest rates when it meets next week. Silver inched down 0.1% on profit-taking to finish at $57.92 after reaching a new all-time high of $58.94 earlier in the session.

ADP reported that private payrolls cut 32,000 jobs in November, marking the third contraction in four months. It was the biggest decline since spring 2023. Forecasts had expected a gain of 40,000 jobs.

The ADP data is just the latest in a string of reports indicating a broad-based weakness in the US economy. Manufacturing, consumer sentiment, and the Fed's Beige Book have all pointed toward slowdown in recent weeks.

Benchmark 10-year Treasury yields fell on expectations that the Fed will cut interest rates again at its final meeting of the year. Fed funds futures traders put the odds of a quarter-point cut at nearly 90%.

A series of Fed members including Fed Chair Powell have indicated that the health of the labor market has become their main concern. But Friday's release of the delayed Personal Consumption Expenditures index, the Fed's favorite inflation gauge, could change the calculus on rate cuts if it comes in sharply higher.

Tracking lower with yields, the dollar lost 0.5% against major rivals led by the euro, which rallied on upbeat data about business activity in the eurozone. A falling dollar boosts gold by and other commodities by making them less expensive in other currencies.

Platinum and palladium rose 1.5% and 0.9%, respectively.

At the New York spot close: gold gained $12.70 to $4,199.30; silver dipped 6 cents to $57.92; platinum picked up $24.80; and palladium rose $13.45 to $1,476.80 an ounce.