Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinNew York spot gold dipped less than 0.1% to close under $3,119 despite a falling dollar and lower Treasury yields as traders took profits from its record rally. But apprehension about tariffs kept bullion near its all-time high. Silver slid 0.9% to finish at $34.16 an ounce.

US manufacturing fell back into contraction in March, according to the ISM survey, under pressure from falling demand due to new tariffs on metals and coming tariffs on other goods.

President Trump is expected to announce a major round of new tariffs tomorrow, an event the White House calls "liberation day." Originally expected to be reciprocal, matching whatever US trading partners levy on US goods, they are likely to be 20% tariffs on everything, according to officials.

The markets have been shaken by the onslaught of disruptive trade policies, which many economists believe will result in higher prices and lower GDP, stoking demand for safe-havens like gold.

Benchmark 10-year Treasury yields fell again as investors sought safety. The dollar also slid on the tariff worries.

Platinum lost 2.2% while palladium added less than 0.1%.

At the New York spot close; gold edged down $3.90 to $3,118.90; silver shed 30 cents to $34.16; platinum dropped $22.60 to $987.10; and palladium picked up a dime, to $991.30 an ounce.