AGE Daily Gold Update

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

6/13/2025: Gold jumps on Israeli airstrikes

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold jumped another 1.5% to close above $3,431 as escalating violence between Israel and Iran drove investors into safe havens. Bullion gained 3.3% for the week. Silver added 0.7% for the day and week to finish at $36.28 an ounce.

Israel launched additional strikes against Iranian nuclear facilities and military personnel today, dramatically increasing the risk of all out warfare in the region. Iran reported it has fired missiles into Israel in retaliation.

All three major US stock indexes lost at least 1.2% and global equities also sold off as investors shed risk.

The dollar rose 0.2% against major rivals, buoyed by flights to safety. Benchmark 10-year Treasury yields rose, however, as investors demanded additional compensation for taking on the risk of US sovereign debt.

Typically, yields drop during flights to safety as investors pile into US government bonds. But global investors decreasingly view the US as a safe place for money, given our drastic fiscal and political problems.

Oil rocketed 8.5% higher on concerns that the Iran-Israel conflict could reduce crude production. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

Platinum fell 6.2% but still rose 3.8% for the week. Palladium dropped 2.8% today and 1% this week.

The New York spot close: gold gained $50.30 to $3,431.20; silver rose 7 cents to $36.28; platinum tumbled $79.60 to $1,210.80; and palladium shed $23.15 to $1,041.25 an ounce.

6/12/2025: Gold surges on flights to safety

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold surged 1.8% to close near $3,381, a one-week high, as trade uncertainty and geopolitical tensions combined with cooler US data to boost safe-haven inflows. Silver added 0.1% to finish at $36.21 an ounce.

Producer prices rose 0.1% in May, less than most forecasts, easing concerns that the worst trade wars since the 1930s are fueling inflation in the wholesale pipeline. The benign data comes one day after consumer prices posted a similarly mild rise of just 0.2% last month.

Separately, new jobless claims held at an eight-month high of 248,000 last week, suggesting the labor market is beginning to show signs of stress.

The cooling data raised speculation that the Fed may begin cutting interest rates sooner than expected. Falling rates lift gold by pressuring the dollar and Treasury yields, making bullion cheaper overseas and lowering the opportunity cost for holding it instead of bonds here at home.

Benchmark 10-year Treasury yields receded toward 4.3% as investors sought the perceived safety of US government debt. The dollar dropped 0.7% against major rivals led by traditional safe-haven currencies like the yen and Swiss franc.

The soft data come against a backdrop of rising trade concerns and geopolitical tension.

While President Trump announced that recent negotiations with China produced a "done deal," China says merely a framework was agreed upon and no agreement has been finalized.

In addition, Trump said today he will send out letters to countries about the approaching tariff deadline, and he plans to raise tariffs even higher on auto import, despite objections from major US automakers.

Meanwhile, tensions with Iran are ramping up to the point where the President withdrew US troops from the region, saying cryptically that it could get dangerous.

Platinum rallied 2.6% while palladium slipped 0.6%.

At the New York spot close: gold gained $59.60 to $3,380.90; silver added a nickel, to $36.21; platinum picked up $32.30 to $1,290.40; and palladium slid $6.30 to $1,064.40 an ounce.

6/11/2025: Gold gains on CPI, rate view

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold edged up less than 0.1% to close near $3,303 after subdued CPI data pressured Treasury yield and the dollar. Bullion then jumped another $24 to more than $3,347 on the world spot market on speculation that the Fed may be more likely to cut interest rates this fall. Silver fell 1% to $36.16 an ounce.

Consumer prices rose a scant 0.1% in May, less than forecasts of 0.2%, as lower gasoline prices helped to keep a lid on the cost of living. The annual inflation rate rose to 2.4% from 2.3% in April.

Investors will keep a careful eye on tomorrow's release of the produce-price index for signs that tariffs are starting to filter through the pipeline. Wholesale inflation, as measured by the PPI, typically front-runs consumer inflation by several months.

Benchmark 10-year Treasury yields fell sharply on speculation that the Fed will resume lowering interest rates this fall. Fed funds futures traders now see a 70% likelihood of a quarter-point cut in September. A stronger auction on 10-year notes also weighed on yields.

Tracking lower with yields, the dollar lost 0.4% against major rivals, supporting gold by making it cheaper in other currencies.

Platinum rose 4% and palladium picked up 0.4%.

At the New York spot close: gold added 40 cents, to $3,321.30; silver shed 38 cents to $36.16; platinum gained $48.30 to $1,258.10; and palladium rose $4.70 to $1,072.90 an ounce.

6/10/2025: Gold dips on trade hopes

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold dipped 0.3% to close under $3,321 as optimism over US-China trade talks lifted the dollar, pressuring alternative stores of value. Silver slipped 0.8% to finish at $36.54 an ounce.

Representatives of the US and China met for a second day to try to come to acceptable terms over tariffs. Commerce Secretary Howard Lutnick reported the talks were "going well," though no other details were released.

The dollar rose 0.2% against major rivals on hopes that the world's two biggest economies can dial back the posturing and allow global trade to continue with fewer constraints. A stronger dollar weighs on gold and other commodities by making them cheaper overseas.

Also supporting the dollar is the expectation that this week's CPI release may show consumer inflation rising because of the aggressive tariffs imposed by the White House. Higher inflation would likely require the Fed to keep interest rates elevated for longer. Economists polled by Reuters this week project no rate cuts until September.

Platinum and palladium lost 0.3% and 1.5%, respectively.

At the New York spot close: gold dipped $11.20 to $3,320.90; silver slid 30 cents to $36.54; platinum shed $3.80 to $1,209.80; and palladium retreated $16.40 to $1,068 an ounce.

6/9/2025: Gold gains on dollar, trade talks

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained 0.3% to close above $3,332 as the dollar and Treasury yields pulled back ahead of this week's trade talks between the US and China. Silver surged another 2.2% to finish at $36.84 an ounce.

Representatives of the US and China met today in London to diffuse a trade war that has damaged both economies. While the 145% tariffs imposed by the Trump administration on Chinese imports have rolled back to 30%, tensions remain high after China threatened to block exports of rare earths, metals needed by many tech products and batteries.

The dollar fell 0.3% against major rivals as global currencies traders continue to be wary of US trade policies and their effect on the economy. A weaker dollar supports gold and other commodities by making them less expensive in other currencies.

Benchmark 10-year Treasury yields also receded slightly after breaching 4.5% over the weekend. Falling yields help gold by decreasing the opportunity cost for holding it instead of bonds for safety.

Platinum and palladium rose 4% and 3.1%, respectively.

At the New York spot close: gold gained $9.40 to $3,332.10; silver climbed 81 cents to $38.84; platinum picked up $46.90 to $1,213.60; and palladium advanced $32.75 to $1,084.40 an ounce.

6/6/2025: Gold score 1% weekly win

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold fell 0.8% to close under $3,323 after better-than-expected employment data lifted Treasury yields and the dollar, undercutting alternative stores of value. Bullion still gained 1% for the week on rekindled tariff turmoil. Silver dipped less than 0.1% but finished the week a whopping 12.3% higher at $36.03 an ounce.

US nonfarm payrolls added 139,000 new jobs in May, the Labor Department reported, suggesting resilience in the labor market despite the toll of trade wars. While the headline number fell short of April's 147,000, it still beat forecasts of 130,000. The unemployment rate was unchanged at 4.2%.

Benchmark 10-year Treasury yields rose above 4.5% as traders speculated that the solid jobs report could keep the Fed from cutting interest rates later this year. Higher yields are a headwind for gold because they increase the opportunity cost for holding a non-yielding asset.

Tracking with yields, the dollar rose nearly 0.5% against major rivals, pressuring gold by making it pricier overseas.

Platinum added 2.9% for a weekly advance of 10.4%. Palladium picked up 4.5% today and 5% this week.

At the New York spot close: gold fell $28 to $3,322.70; silver slipped a nickel to $36.03; platinum rose $33 to $1,166.70; and palladium jumped $45.15 to $1,051.65 an ounce.

6/5/2025: Silver surges to 13-year high

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold slid 0.7% to close under $3,351 as Treasury yields rose after President Trump announced progress in trade talks with China. Silver surged 3.4% to finish at $36.08. the highest level in 13 years.

After speaking with Chinese President Xi by telephone today, Trump tweeted "a very positive conclusion" to negotiations over trade conflicts between the world's two largest economies.

While no specifics have been forthcoming, and while reporting from China was notably less positive, any progress in preventing a breakdown in trade relations is positive for both economies.

Benchmark 10-year Treasury yields rose back up to 4.4% on the tariff optimism, pressuring gold by increasing the opportunity cost for holding it instead of bonds for safety.

Silver surged on the expectation of increasing industrial demand if US-China trade gets back on solid footing. In addition, a deficit in global silver supplies has put the metal in position for significant gains. Silver often lags gold in bull markets but then plays catch up with a vengeance.

Platinum jumped 4.5% while palladium added 0.6%.

At the New York spot close: gold slipped $22.80 to $3,350.70; silver surged $1.17 to $36.05; platinum jumped $45 to $1,133.70; and palladium climbed $6.20 to $1,006.50 an ounce.

6/4/2025: Gold gains on weaker US data

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained 0.7% to finish above $3,373 after another spate of weak US data pressured Treasury yields and the dollar, boosting safe-haven assets. Silver picked up less than 0.1% to finish at $34.52 an ounce.

ADP reported that private payrolls added only 37,000 jobs in May, the fewest in more than two years, as companies paused hiring because of uncertainty over trade policies. This Friday's release of the government's nonfarm payrolls report should provide a more authoritative snapshot of the labor market.

Separately, the US services sector fell into contraction in May as the most aggressive trade wars since the 1930s filter into the economy. Service-related businesses contribute around 70% of US GDP.

Benchmark 10-year Treasury yields retreated to under 4.4% as investors sought the perceived safety of US government debt. Lower yields support gold by decreasing the opportunity cost for holding it instead of bonds.

Tracking lower with yields, the dollar dopped 0.6% against major rivals, boosting gold and other commodities priced in it for global trade by making them cheaper in other currencies

Platinum rose 1.6% while palladium fell 1.6%.

At the New York spot close: gold gained $23.30 to $3,373.50; silver added 2 cents, to $34.52; platinum picked up $17.40 to $1,088.70; and palladium lost $15.80 to $1,000.30 an ounce.

6/3/2025: Gold slips on yields, dollar

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold slipped 0.6% to close above $3,350 as Treasury yields and the dollar bounced higher despite downbeat data as traders grew more optimistic about US-China trade relations. Silver dipped 0.2% to finish at $34.50 an ounce.

The Commerce Department reported that new orders for US factory goods fell an unexpected 3.7% in April, and spending by businesses shrank on uncertainty over US trade policies.

Separately, job openings rose in April by 200,000 as employers, stymied by fluctuating tariffs, leave openings unfilled.

The Paris-based OECD downgraded global growth for 2025 and 2026 to 2.9% from 3.1% previously, while the forecast for US growth was slashed to 1.6% this year and 1.5% next year. The US-induced trade wars are cited as the cause of weakening economic prospects.

Still, investors grew optimistic that this week's possible phone conversation between President Trump and Chinese leader Xi Jinping could lower the heat between the world's two largest economies. All three major US stock indexes rose at least 0.6%.

Benchmark 10-year Treasury yields edged up toward 4.5% as traders shifted toward risk, pressuring gold by increasing the opportunity cost for holding instead of bonds for safety.

Tracking higher with yields, the dollar added 0.5% against major rivals. A stronger dollar weighs on gold and other commodities by making them pricier in other currencies.

Platinum and palladium climbed 0.8% and 2.8%, respectively.

At the New York spot close: gold slipped $20.40 to $3,250.20; silver slid 6 cents to $24.50; platinum picked up $81.0 to $1,071.30; and palladium advanced $27.50 to $1,016.10 an ounce.

6/2/2025: Gold surges on tariff tension

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold surged 2.5% to close above $3,370 as renewed tariff concerns and geopolitical turmoil undercut the dollar, boosting alternative stores of value. It was bullion's highest finish in three weeks. Silver jumped 5.2% to end at $34.56 an ounce.

President Trump threatened on Friday to double tariffs on steel and aluminum to 50% while accusing China of violating an agreement on shipping critical minerals. China dismissed the charges as groundless and vowed to protect its interests.

Meanwhile, Israel increased its bombardment of Gaza, and Ukraine struck deep into Russia with drone attacks on the eve of peace talks, heightening geopolitical tensions and fueling demand for safe-haven assets.

The dollar dropped 0.7% against major rivals led by the yen and Swiss franc, lifting gold and other commodities by making them less expensive in other currencies.

US economic data also supported bullion. The ISM reported manufacturing fell further into contraction in May, with exports hitting a five-year low while imports plunged to a 16-year low.

Optimism about rate cuts from the Fed increased after a pair of prominent Fed officials said inflation from tariffs is likely to be short-lived. Fed Governor Christopher Waller suggested multiple cuts could come this year if data continued to weaken. Chicago Fed President Austan Goolsbee said short-term rates can be lowered once the "dirt in the air" from tariffs clears up later this year.

Platinum and palladium rose 0.6% and 2.8%, respectively.

At the New York spot close: gold gained %=$81.70 to $3,370.60; silver surged $2.47 to $34.56; platinum picked up $6.50 to $1,063.20; and palladium advanced $27.30 to $988.60 an ounce.