Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinNew York spot gold dipped less than 0.2% but still held near a record high above $3,400 as equities rallied on some positive earnings reports and the dollar perked up on the possibility of easing trade tensions with China. Silver jumped 1.2% to finish at $32.88 an ounce.

The dollar rebounded 0.6% against major rivals after Bloomberg reported that Treasury Secretary Scott Bessent told a closed-door investor summit that the current trade tensions with China are unsustainable and should de-escalate soon.

A rising dollar weighs on gold by making it pricier overseas. But even with today's bounce, the buck is hovering near a 3-year low. President Trump's increasing pressure on the Fed, potential undercutting its independence, has been a driver of dollar weakness, which in turn supports higher gold.

The metal is further supported by uncertainty over trade policies and the rising possibility of global recession. The IMF warned today of slowing global growth because of trade wars, upping the odds of global recession 30% from 17% in October.

All three major US stock indexes rose more than 2%, clawing back some of yesterday's 3% plunge, as a round of positive earnings prompted bargain-hunters to enter the market.

Platinum fell 0.5% while palladium was flat.

At the New York spot close: gold eased $5.40 to $3,400.80; silver rose 38 cents to $32.88; platinum slid $4.40 to $953.40; and palladium was virtually flat at $939.80 an ounce.