AGE Daily Gold Update

AGE Daily Gold Update presents a recap on today's action in the precious metals markets. View archives.

9/2/2025: Gold jumps to another record

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold jumped another 2.2% to close at a new record high above $3,549 as rate-cut optimism coupled with renewed uncertainty about tariffs to stoke safe-haven demand. Bullion has now risen more than 5% over the past five sessions. Silver rallied 2.2% to finish at $41.07 an ounce.

A divided appeals court ruled over the weekend that most of tariffs imposed by the Trump administration are unlawful. The ruling allows tariffs to remain in place until October 14, however, giving the White House time to appeal to the Supreme Court.

The news creates additional uncertainty for businesses that have scrambled for months to plan for changing and unpredictable trade policies.

Meanwhile, the ISM reported that US manufacturing continued to contract in August, falling for the sixth month in a row. Employment in the sector fell again as tariff uncertainty made businesses hesitant to hire.

All three major US equity indexes retreated, with the Dow and S&P 500 losing 0.7% each while the Nasdaq shed 0.8%.

Gold has rallied sharply in recent sessions on growing economic risks and increasing expectations that the Fed will stimulate the economy by cutting interest rates despite signs of rising inflation. Fed funds futures traders put the odds of a quarter-point cut this month at nearly 93%.

This Friday's nonfarm payrolls report should give additional clarity on the rate view.

Platinum and palladium rose 2.3% and 2.8%, respectively.

At the New York spot close: gold gained $75.70 to $3,549.40; silver climbed 87 cents to $41.07; platinum picked up $32.20 to $1,403.85; and palladium advanced $31.15 to $1,136.40 an ounce.