Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinNew York spot gold fell 2.5% to close under $3,297 after a trade deal between the US and UK stoked risk appetite, pressuring safe-haven assets. Silver slipped 0.5% to finish at $32.38 an ounce.

President Trump and British PM Keir Starmer announced a trade agreement that keeps 10% tariffs on UK goods imported to the US while lowering tariffs on US exports to 1.8% from 5%. The deal is supposed to open more UK markets to US goods.

Wall Street jumped on the news, less because this deal makes much economic difference than because it might serve as a template for agreements with other countries. All three major US indexes gained at least 1.3%.

Benchmark 10-year Treasury yields climbed near 4.4% as investors shifted from bonds to riskier assets. Higher yields weigh on gold by increasing the opportunity cost for holding it instead of bonds for safety.

Tracking with yields the dollar added 1% against major rivals, especially the yen and Swiss franc, traditional haven currencies. A rising dollar is a headwind for gold because it increases the price overseas.

Platinum and palladium rose 0.2% and 0.4%, respectively.

At the New York spot close: gold fell $84.80 to $3,296.60; silver slipped 15 cents to $32.38; platinum added $2.10, to $983.80; and palladium picked up $3.90 to $980.75 an ounce.