AGE Daily Gold Update presents a recap on today's action in the precious metals markets. View archives.
2/14/2025: Gold rises for 7th straight week
Source: Bill Musgrave, American Gold Exchange
Austin — New York spot gold fell 1.4% to close below $2,884 despite weak US data, sharply lower Treasury yields, and a softer dollar as traders took profits from this week’s rally to new all-time highs. Bullion still gained 0.6% for the week, notching its seventh straight weekly increase. Silver slid 0.5% to close at $32.80 while posting a weekly rise of 1.4%. US retail sales fell 0.9% in January, the most in nearly two years, suggesting anemic economic growth to start 2025. Retail sales are a fundamental measure of consumer spending, which accounts for around 70% of GDP. US manufacturing output also fell unexpectedly last month, reversing a recovery that began with lower interest rates in Q4. President Trump’s protectionist trade policies are expected to further undermine the manufacturing rebound by interrupting supply chains and raising prices on raw materials. Fed fund futures traders upped their bets on rate cuts from the Fed after the soft data prints. CME FedWatch now projects 40 basis points of cuts by September, up from around 20 a few days ago. Benchmark 10-year Treasury yields fell sharply to under 4.5% as investors sought safety from the increasing likelihood of damaging trade wars by piling into government bonds. The dollar retreated 0.4% to post a weekly loss of 1.2%. Platinum dropped 0.9% today but gained 0.8% this week. Palladium shed 0.9% but still posted a 1.4% weekly increase. At the New York spot close: gold fell $42.30 to $2,883.60; silver slipped 15 cents to $32.80; platinum dropped 8.70 to $983.20; and palladium retreated 8.80 to $989.40 an ounce.
2/13/2025: Gold hits new record on tariffs
Source: Bill Musgrave, American Gold Exchange
Austin — New York spot gold rallied 0.6% to close at a new record high near $2,926 as mixed inflation data and worries over tariffs spurred flights to safety while pressuring Treasury yields and the dollar. Silver dipped 0.2% to finish at $32.65 an ounce. The producer price index climbed 0.4% in January, more than forecast, to lift the 12-month rate for wholesale inflation to 3.5% from 3.3% in December. The so-called core rate, minus food and energy, rose a more modest 0.3%, dropping the 12-month rate to 3.4% from 3.5%. The data followed yesterday’s CPI print showing that consumer inflation rose 0.5% in January, the most in 18 months. However, subcomponents within the PPI report indicate that core personal consumption expenditures, the Fed’s preferred inflation gauge, are rising more slowly than the CPI. The softer core PCE data prompted traders to increase their rate-cut bets to 33 basis points by December, up from 29 basis points yesterday, according to CME FedWatch. Separately, President Trump laid out his plans for reciprocal tariffs against all trading partners, including EU countries that have a Value Added Tax, which is essentially a sales tax, on all consumer goods. Economists have warned that the aggressive tariff plans are inflationary and risk trade wars that could damage the US economy. Benchmark 10-year Treasury yields tumbled 8 basis points on flights to safety after the tariff announcement, boosting gold by decreasing the opportunity cost for holding it instead of bonds. Platinum fell 3.7% while palladium rose 1.7%. At the New York spot close: gold gained $16.90 to $2,925.90; silver slipped a nickel to $32.65; platinum shed $39.50 to $999.20; and palladium picked up $16.40 to $997.20 an ounce.
2/12/2025: Gold steady after hot CPI
Source: Bill Musgrave, American Gold Exchange
Austin — New York spot gold was nearly flat, dipping 0.1% to close at $2,909, as safe-haven inflows driven by trade-war fears offset pressure from sharply higher Treasury yields driven by hot CPI data. Silver gained 1.5% to finish at $32.70 an ounce. The consumer price index rose 0.5% in January, the most in 18 months, lifting the annual rate to 3%. The so-called core rate, removing food and energy costs, increased 0.4% to lift the annual rate to 3.3%. The hotter-than-expected data shifts the outlook for interest rates. Fed Chair Jerome Powell told the Senate Banking committee yesterday that the Fed was in “no hurry” to cut rates further. Coupled with the inflationary threat of pending tariffs, today’s CPI release could spell the end of the current rate-cut cycle altogether. The White House said today that reciprocal tariffs will be imposed this week on all trading partners who impose tariffs on US exports. The new levies come atop the 25% to be applied to all steel and aluminum imports and the 10% on Chinese imports. An additional 25% on all goods from Canada and Mexico are on temporary hold. Benchmark 10-year Treasury yields jumped by nearly 10 basis points, the most this year, to more than 4.6% on the hawkish rate view. Higher yields typically weigh on gold by increasing the opportunity cost for holding it instead of bonds. But today this headwind was offset by demand for bullion as a hedge against the economic uncertainty and inflationary pressures of Trump administration trade policies. Platinum picked up 1.2% while palladium fell 0.6%. At the New York spot close: gold dipped $3.50 to $2,909; silver surged 47 cents to $32.70; platinum rose $11.80 to $1,038.70; and palladium shed $6.10 to $980.80 an ounce.
2/11/2025: Gold eases from all-time high
Source: Bill Musgrave, American Gold Exchange
Austin — New York spot gold eased slightly, dipping less than 0.1% to hold above $2,912 as new Trump tariffs lifted Treasury yields, spurring traders to take profits from bullion’s record rally. Silver slid 0.5% to finish at $32.23 an ounce. President Trump today raised tariffs on aluminum and steel to 25% “without exceptions or exemption” in a bid to rejuvenate US industries. The measures take effect on March 12, affecting millions of tons of imports from Canada, Brazil, South Korean, Mexico, and elsewhere. In addition, the President reiterated his intention to levy “reciprocal tariffs” on all trading partners including the EU. Economists warn that the draconian policies risk higher inflation and trade wars that will undercut US and global economic growth. European Commission head Von der Leyen said the tariffs “will trigger firm and appropriate countermeasures.” Canadian PM Justin Trudeau said the tariffs are “unacceptable” and will result in a “clear and firm” response. Separately, Fed Chair Jerome Powell told the Senate Banking Committee today that the US economy is on solid footing and the central bank doesn’t “need to be in a hurry” to cut interest rates further. However, he added that waiting too long “could unduly weaken economic activity and employment.” Benchmark 10-year Treasury yields rose above 4.5% as traders weighed Powell’s mildly hawkish remarks. Higher yields pressure gold by increasing the opportunity cost for holding it instead of bonds for safety. The markets will look towards tomorrow’s CPI release for additional pointers on the possible direction of interest rates. Platinum and palladium slipped 0.3% and 0.1%, respectively. At the New York spot close: gold edged down $1.80 to $2,912.50; silver shed 16 cents to $32.23; platinum retreated $3.30 to $987.10; and palladium dipped $1 to $986.80 an ounce.
2/10/2025: Gold rockets past $2,900
Source: Bill Musgrave, American Gold Exchange
Austin — New York spot gold surpassed $2,900 for the first time ever, rocketing 1.6% higher to finish above $2,914 on safe-haven inflows after the White House announced yet more tariffs, triggering new concerns about inflation and global trade. It was the seventh record close this year for bullion. Silver added 0.2% to finish at $32.29 an ounce. President Trump said yesterday that he will impose new 25% tariffs on all steel and aluminum imports, separate from the 25% already promised against Canada and Mexico in less than 30 days. Furthermore, he will place reciprocal tariffs imports from China, Japan, Taiwan, and the EU. Economists have warned that the large levies on imported goods would boost prices to businesses and consumer just as the Fed is making progress toward lowering inflation. In addition, retaliatory tariffs could chill trade and harm global growth. Benchmark 10-year Treasury yields slipped on flights to safety, boosting gold by decreasing the opportunity cost for holding it instead of bonds. The dollar added 0.2% against major rivals as traders speculated that higher tariffs would prevent the Fed from cutting interest rates. Platinum and palladium added 1.6% and 1.4%, respectively. At the New York spot close: gold gained $47 to $2,914.39; silver added 6 cents, $32.39; platinum picked up $15.15 to $990.40; and palladium rose $13.25 to $987.80 an ounce.
2/7/2025: Gold notches 2% weekly win
Source: Bill Musgrave, American Gold Exchange
Austin — New York spot gold added 0.4% to close at a new record high above $2,867 despite upticks in Treasury yields and the dollar as investors continue to seek protection from the uncertainty surrounding Trump administration tariff policies. Bullion surged 2% this week to mark six straight weeks of gains. Silver slid 0.6% to finish at $32.34 for a weekly rise of 0.7%. The much-anticipated federal nonfarm payrolls report showed 143,000 new jobs were added in January, shy of the 170,000 forecast, while November and December figures were revised higher by a total of 100,000. The unemployment rate dropped to 4% from 4.1% in December. The mixed job report gives the Fed cover to take its time with additional rate cuts. Fed fund futures traders now we a 92% chance the Fed stands pat in March, up from 82% yesterday. Speaking today, several Fed officials said the ongoing resilience of the labor market and uncertainty surrounding the consequences of tariffs for inflation and economic growth puts them in no hurry to further reduce interest rates. Separately, consumer sentiment fell sharply in February as Americans grow increasingly worried about the fallout from Trump tariffs. Inflation expectations over the next year jumped to 4.3% from 3.3% in January. Meanwhile, the Whie House said today that it will levy “reciprocal tariffs†on all trading partners who put tariffs on US imports. These new duties are on top of the 10% tariffs already pointed at China and the 25% tariffs on Mexico and Canda that have been postponed for 30 days. Benchmark 10-year Treasury yields edged up slightly but held under 4.5% on the slightly hawkish rate view. Tracking with yields the dollar added 0.4%. Platinum fell 1.1% for the day and 0.7% for the week. Palladium lost 0.9% for a weekly loss of 3.9%. At the New York spot close: gold gained #11.30 to $2,867.30; silver slid 18 cents to $32.34; platinum shed $11 to $975.25; and palladium dropped $8.50 to $974.50 an ounce.
2/6/2025: Gold dips ahead of payrolls report
Source: Bill Musgrave, American Gold Exchange
Austin — New York spot gold slipped 0.5% to close at $2,856 as slight upticks in Treasury yields and the dollar prompted traders to take profits from bullion’s aggressive rise to new record highs over the past three sessions. Silver dropped 1% to finish at $32.52 an ounce. With the markets preparing for tomorrow’s release of the government’s important nonfarm payrolls report, traders consolidated their positions by shifting modestly out of overbought Treasurys and into oversold dollars. If payrolls strengthened markedly in January, the Fed may delay rate cuts for longer, boosting both yields and the buck. Perhaps adding to the Fed’s ability to hold rates unchanged, Treasury Secretary Scott Bessett said today that the Donal Trump is no longer focused on pressuring the Fed to cut rates but rather hopes to force down yields to lower borrowing costs. Benchmark 10-year Treasury yields edged up slightly, weighing on gold by increasing the opportunity cost for holding it instead of bonds for safety. The dollar picked up 0.1% against major rivals after the Bank of England cut interest rates and delivered a dovish message on monetary policy, weakening the pound. A rising dollar is a headwind for gold and other commodities because it makes them more expensive in other currencies, impeding overseas demand. Platinum was flat while palladium fell 1.8%. At the New York spot close: gold dipped $15.60 to $2,856; silver shed 34 cents to $32.52; platinum was virtually unchanged; and palladium dropped $17.20 to $983 an ounce.
2/5/2025: Gold extends record rally
Source: Bill Musgrave, American Gold Exchange
Austin — Extending its record rally, New York spot gold gained another 0.6% to close at a new all-time high above $2,861 as investors sought refuge from tariff uncertainty and the possibility of escalating turmoil in the Middle East. Silver dipped 0.1% to finish at $32.86 an ounce. The whiplash effect of Trump administration tariff policy continues to drive investors toward safe haven assets. After announcing 25% tariffs on Canada and Mexico, Trump postponed them just days later, suggesting some goals had been met in negotiations. The White House also levied 10% tariffs on China while banning the US Postal Service from delivery of packages from China and Hong Kong. The USPS ban was quickly reversed, adding more confusion over policy. Several Fed officials voiced concern today over the inflationary effect of large tariffs and the Fed’s ability to continue reducing interest rates. Adding to general market uncertainty, President Trump suggested today that Palestinians should leave Gaza, and the US should occupy it. While the seriousness of this idea is questionable, it nonetheless sparked anxiety over the possibility of escalating the conflict in the region. Against this background, ADP reported a respectable 183,000 jobs were added by the private sector in January, beating forecasts, and totals for December were revised up to 176,000 from the initially reported 122,000. Investors await the government’s nonfarm payrolls report on Friday for a more authoritative measure of the labor market. Benchmark 10-year Treasury yields fell sharply to a six-week low on flights to safety, boosting gold by decreasing the opportunity cost for holding it instead of bonds. Also lifting bullion, the dollar fell 0.3% against major rivals on easing concerns about trade wars. At the New York spot close: gold gained $18.30 to $2,871.60; silver inched down 3 cents to $32.86; platinum added %14.55 to $896.25; and palladium slid $9.50 to $1,000.20 an ounce.
2/4/2025: Gold hits new high on tariff fears
Source: Bill Musgrave, American Gold Exchange
Austin — New York spot gold rose another 0.7% to close at a fresh all-time high above $2,853 as Treasury yields and the dollar fell after China met Trump’s tariffs with its own, escalating a developing trade war. Silver jumped 1.5% to end at $32.89 an ounce. Retaliating against the Trump administration’s 10% tariffs on a wide array of its exports, China imposed 10% to 15% tariffs on US goods like energy products, agricultural machinery, and automobiles. Although the new Chinese levies apply to less than 10% of US trade, they signal the rapid escalation of a conflict that could damage each of the world’s largest economies. At the same time, the White House postponed 25% tariffs on Canada for 30 days, as it did yesterday on Mexico, citing progress in negotiations. Benchmark 10-year Treasury yields pulled back to the lowest level of the year, hovering above 4.5% as investors sought the perceived safety if US government debt. Falling yields lift gold by decreasing the opportunity cost for holding it instead of bonds. The dollar plunged more than 1% on trade war fears, boosting gold and other commodities by making them less expensive overseas. Weak US data added to demand for safe havens. Job opens fell to a four-year low in December, making it harder for unemployed Americans to find work. The number of people collecting unemployment benefits rose to the highest level since 2018, pandemic excluded. And factory orders fell 0.9% in December. Platinum ended little-changed while palladium dropped 1%. At the New York spot close: gold gained $19.40 to $2,853.30; silver added 50 cents to $32.89; platinum was flat at $971; and palladium slipped $10.30 to $1,007.70 an ounce.
2/3/2025: Gold rises to new record
Source: Bill Musgrave, American Gold Exchange
Austin — Extending January’s 7% surge, New York spot gold gained another 0.8% to close at a new all-time high near $2,834 on flights to safety after President Trump imposed massive tariffs on Canada, Mexico, and China over the weekend. Silver also added 0.8% to finish at $32.39 an ounce. Tariffs of 25% were levied against Mexico and Canada, with 10% on China, stoking concerns about inflation and trade wars. The rationale given was to pressure those government into preventing immigrants and fentanyl from crossing into the US. Canada quickly responded with 25% tariffs on US products, many of which come from primarily Republican-controlled states. The tariffs on Mexico were almost immediately delayed for a month after a deal was reportedly struck to bring Mexican national guard units to the border. The Trump administration said Europe is next. The ISM warned today that the aggressive tariffs could derail the recovery of the struggling US manufacturing sector if nations retaliate by raising tariffs on US goods. Manufacturing expanded in December for the first time in 27 months. Benchmark 10-year Treasury yields fell to just above 4.5% as investors sought the perceived safety of government debt. Lower yields boost gold by reducing the opportunity cost for holding it instead of bonds. The dollar gained 0.4 % as forex traders speculated that the tariffs could prevent the Fed from cutting interest rates as deeply as planned. Platinum lost 1.4% while palladium was little changed. At the New York spot close: gold gained $21.40 to $2,833.90; silver climbed 26 cents to $32.39; platinum shed $11.65 to $971; and palladium was virtually unchanged at $1,017 an ounce.
Metal | Ask | Change | |
---|---|---|---|
Gold | $2,889.38 | ![]() |
$0.00 |
Silver | $32.27 | ![]() |
$0.00 |
Platinum | $989.83 | ![]() |
$0.00 |
Palladium | $984.80 | ![]() |
$0.00 |
AGE Gold Commentary
This video dicusses why the new Trump administration policies are likely to dominate the markets and propel gold to new record highs in 2025. ... read more