AGE Daily Gold Update

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

12/10/2025: Gold dips ahead of Fed decision

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold dipped 0.2% to close under $4,197 on light profit-taking ahead of the Fed's decision on interest rates as traders anticipate a rate cut, but one with hawkish forward guidance. Silver extended its record run, adding 0.3% to finish at $60.38 an ounce.

Fed fund futures traders are pricing in an 89% likelihood that the Fed will cut interest rates by a quarter-point when it concludes its two-day meeting today. This is up slightly from 87.4% yesterday.

But the widely expected reduction may come with a hawkish approach to next year's rate path. A divided Fed is struggling with elevated inflation, a dearth of fresh economic data because of the government shutdown, and the uncertain prospect of a change in leadership when Jerome Powell's term expires in May.

The interest-rate futures market is pricing in two quarter-point cuts in 2026, which would bring the Fed policy rate to 3%—still lower than the Fed's most recent dot-plot projection of 3.4%. All ears will be tuned to the tenor of the post-meeting policy statement and Powell's press conference for additional clues.

Silver rallied to a fresh all-time high, driven by increased industrial demand, a global supply deficit, and its designation by the U.S as a critical mineral.

Platinum and palladium fell 3.9% and 4.2%, respectively.

At the New York spot close: gold dipped $10.30 to $4,196.40; silver rose 21 cents to $60.38; platinum shed $63.80 to $1,632.95; and palladium retreat by $64.10 to $1,465.85 an ounce.