Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinNew York spot gold rallied another 1.1% to close above $3,439 on safe-haven inflows as Treasury yields and the dollar retreated further on tariff and Fed uncertainty. Bullion has risen 2.3% over three straight winning sessions. Silver added 0.6% to finish at $39.32 an ounce.

With President Trump's tariff deadline of August 1 approaching with few notable deals, investors are bracing for economic headwinds from deepening trade wars. Pessimistic about a viable agreement, the EU is reportedly exploring countermeasures to the 30% tariffs threatened by the White House.

Trump backed off his near daily threats to fire Fed Chair Jerome Powell, repeating his "numbskull" insults but declaring that Powell "will be gone" in eight months. The Fed Chair's term expires in 10 months.

At the same time, Treasury Secretary Scott Bessent reiterated the implication of wrongdoing by Powell over improvements at the Federal Reserve offices.

Trump wants the Fed to slash interest rates by 300 basis points to under 2% at its meeting next week, something few outside of the White House consider sound policy. Fed fund futures traders project a cut of 25 basis points in October, followed by another in December, as the Fed cautiously monitors the inflationary effects of current trade policies.

Benchmark 10-year Treasury yields slipped again on flights to safety, supporting gold by decreasing the opportunity costs of holding it instead of bonds. The dollar lost another 0.5% against major rivals, especially the safe-haven yen, boosting gold by making it cheaper overseas.

Platinum slipped 0.8% while palladium added 1%.

At the New York spot close: gold gained $37.30 to $3,439.20; silver rose 22 cents to $39.32; platinum dropped $12.20 to $1,465.50; and palladium added $12.20, to $1,282 an ounce.