Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinNew York spot gold rallied another 0.5% to close near $2,768 as the dollar retreated on uncertainty around the trade policies of the Trump administration, lifting alternative stores of value. It was bullion’s highest close since its all-time record above $2,790 in late October. Silver dipped 0.2% to finish at $31.24 an ounce.

President Trump threatened new tariffs against Europe, saying the EU is “very, very bad to us.” In addition, he floated the possibility of a 10% punitive tariff on all China imports because of fentanyl. These threats follow the 25% tariffs on Mexico and Canada he mentioned earlier this week as a means of preventing illegal immigration.

The dollar pulled back on the uncertainty surrounding trade, supporting gold by making it less expensive to foreign buyers.

Benchmark 10-year Treasury yields were little changed, hovering around 2025 lows as investors braced for the possibility of trade wars.

Platinum and palladium rose 0.1% and 2.2%, respectively.

At the New York spot close: gold gained $12.60 to $2,767.60; silver shed 7 cents to $31.24; platinum picked up a dollar to $958.20; and palladium climbed $21.60 to $999.10 an ounce.