AGE Daily Gold Update

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

9/5/2025: Gold passes $3,600 an ounce

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold rallied 1.3% to close at an all-time high above $3,613 after surprisingly weak employment data supported a dovish rate view, causing the dollar and Treasury yields to plummet. Bullion ended the week 4% higher, gaining nearly $140 an ounce while hitting a series of new record highs. Silver rose 0.4% for the day and 2.2% for the week to finish at $41.07 an ounce.

The BLS reported that the economy added a meager 22,000 jobs in August, far less than the 75,000 forecast, lifting the unemployment rate to 4.3%, the highest level since late 2021.

While July's total was revised upward by 6,000 jobs to 79,000, the total for June was revised lower to show payrolls declined by 13,000, the first net drop in job creation since the pandemic in late 2020.

The fourth consecutive month of employment weakness has been directly attributed to aggressive Trump administration tariff policies, which have eroded sales and paralyzed planning, leaving businesses reticent to hire.

Benchmark 10-year Treasury yields plunged under 4.1% on flights to safety and expectations that the Fed could consider a half-point rate cut when it meets later this month. Falling yields support gold by decreasing the opportunity cost for holding it instead of bonds.

Tracking lower with yields, the dollar lost 0.6% on the increasingly dovish rate view, lifting gold and other commodities by making them less expensive in other currencies.

Further undermining yields and the dollar while boosting gold this week, the White House intensified its campaign to influence the Federal Reserve. Criminal charges were filed against beleaguered Fed Governor Lisa Cook, whom Trump wants to replace with a conservative.

Meanwhile, Treasury Secretary Scott Bessent published an op-ed in the Wall Street Journal outlining a radical overhaul of Fed powers, and he launched an unusually public process of interviewing 11 candidates for Powell's replacement.

Economists fear the loss of central bank independence will undermine confidence in US financial instruments, destabilizing global markets.

Platinum picked up 0.05% for a week rise of 0.8%. Palladium fell 1.5% today but rose 0.6% for the week.

At the New York spot close: gold gained $47.40 to $3,613.20; silver added 16 cents, to $41.07; platinum picked up $7.20 to $1,381.95; and palladium shed $17.35 to $1,111.60 an ounce.