Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinNew York spot gold slipped 0.2% to close above $3,013 after a softer stance on potential tariffs boosted stocks, yields, and the dollar, eroding demand for safe-haven assets. Silver shed 0.1% to finish at $33.23 an ounce.

The White House said today that its aggressive "reciprocal" tariffs on all trading partners, scheduled to begin on April 2, will probably be softened to exclude a variety of sectors. While the details are unclear, the shifting stance improved risk appetite.

All three major US stock indexes rallied with relief. The Down and S&P 500 picked up more than 1.2% and 1.5%, respectively, while the Nasdaq jumped more than 2%.

Benchmark 10-year Treasury yields rose above 4.3% as investors shifted away from safety toward risk. Rising yields weigh on gold by increasing the opportunity cost for holding instead of bonds for safety.

Tracking higher with yields, the dollar added 0.2% to reach a two-week high against major rivals, pressuring gold and other commodities by making them pricier overseas.

Platinum and palladium lost 0.7% and 1.8%, respectively.

At the New York spot close: gold dropped $5.10 to $3,013.10; silver slipped 3 cents to $33.23; platinum shed $7.30 to $972.90; and palladium lost $17.45 to $947.70 an ounce.