Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinNew York spot gold rallied 1.3% to close at a new record high above $3,060 after additional Trump tariffs escalated trade war fears, fueling safe-haven demand. It was the seventeenth record close this year for bullion. Silver jumped 1.2% to finish at $34.44 an ounce.

President Trump announced permanent 25% tariffs on all auto imports, igniting threats of retaliation from automakers around the world. The new levies begin the day after Trump's so-called "reciprocal" tariffs directed toward all trading partners.

US and European equities fell on the tariff news, pushing investors toward safety.

The dollar fell 0.4% against major rivals on concerns that trade wars will undercut US growth and raise consumer prices. A falling dollar boosts gold by making it cheaper overseas.

Goldman Sachs raised its forecast for the year-end gold price to $3,300, up from $3,100, citing aggressive central bank and ETF purchases.

Platinum picked up 0.7% while palladium was virtually flat.

At the New York spot close: gold surged $39.30 to $3,060.20; silver rose 41 cents to $34.44; platinum added $7.20, to $985.35; and palladium was virtually unchanged at $973.80 an ounce.