AGE Daily Gold Update

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

9/8/2025: Gold marches to new record

Source: Bill Musgrave, American Gold Exchange

Austin — Extending its record rally, New York spot gold added another 0.7% to close at a fresh all-time high above $3,638 as Treasury yields and the dollar continued to erode under pressure from a slowing labor market. Silver rose 0.9% to finish at $41.43 an ounce.

Last Friday's nonfarm payrolls report showed a meager 22,000 new jobs were created in August, lifting the unemployment rate to 4.3%, the highest level in more than four years. While July's total was revised higher by 6,000 jobs, June's was revised sharply lower to reveal payrolls declined by 13,000 for the first month of negative job growth since 2020.

Deepening weakness in the labor market has all but guarantees that the Fed will begin cutting interest rates when it meets later this month. The only real question now is whether the initial cut will be 25 or 50 basis points.

Meanwhile, Americans are becoming more worried that they'll be unable to find a new job if they lose their current one. The New York Fed's Survey of Consumer Expectations, released today, registered a 44.9% expected probability among consumers that they'd be able to find a new job, the lowest level since June 2013.

Benchmark 10-year Treasury yields fell to under 4.1%, close to the lowest level this year, as investors sought the perceived safety of government bonds. Yields have now fallen 70 basis points, from 4.8%, since mid-January. Falling yields lift gold by decreasing the opportunity cost for holding it instead of bonds for safety.

Tracking lower with yields, the dollar fell another 0.2%, supporting gold and other commodities by making them less expensive in other currencies.

Bullion has now risen 38% this year behind aggressive central bank purchases, global de-dollarization, economic uncertainty because of trade wars, and dovish shifts in interest rate policies.

Platinum picked up 0.1% while palladium jumped 2.5%.

At the New York spot close: gold gained $24.90 to $3,638.10; silver added 35 cents, to $41.43; platinum picked up $1,75 to $1,383,65; and palladium advanced $28.15 to $1,139.45 an ounce.