Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinReopening after the Presidents Day holiday, New York spot gold jumped 1.7% to a fresh all-time high near $2,932 despite upticks in Treasury yields and the dollar as traders sought shelter from Trump tariffs and other disruptive policies. Silver added 1.6% to finish at $33.32 an ounce.

The White House has threatened new tariffs on the EU because of trade surpluses, prompting concerns that the aggressive levies will damage global growth and undermine the US economy while increasing prices paid by US consumers.

Separately, uncertainty over Ukraine peace negotiations between the US and Russia without the participation of Ukraine is also fueling safe-haven bids. Russia is reportedly demanding that NATO disavow its 2008 promise of membership for Ukraine at some point in the future. The White House has published no position or guidance.

US homebuilder sentiment plunged to a five-month low on worries that tariffs will drive up construction costs and inflation, resulting in lower profits and higher mortgage costs.

Gold is often sought as a hedge against political and economic uncertainty.

Benchmark 10-year Treasury ticked back over 4.5% after the Reserve Bank of Australia cut interest rates, prompting a minor selloff of government debt in the US, UK, Germany and Australia. Tracking with yields, the dollar added 0.4% against major rivals.

Platinum and palladium slid 0.2% and 1.4%, respectively.

At the New York spot close: gold rallied $48 to close at $2.931.60; silver climbed 52 cents to $33.32; platinum dipped $2.10 to $981.20; and palladium shed $13.90 to $987.20 an ounce.