Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinNew York spot gold fell 2% to close under $2,952 as turmoil from Trump tariffs continued to roil markets, driving investors into cash and lifting the dollar. Silver rebounded 1.3% to $29.51 after last week's crushing 14% loss.

President Trump threatened to impose 50% tariffs on China today in reaction to that nation's retaliatory 34% duties on US goods. The move reinforced fears that a global trade war has begun, one that could push the economy into a recession.

The dollar bounced 0.2% higher against major rivals as investors went to cash, seeking safety in traditional haven currencies like the buck, Swiss franc, and yen. A rising dollar makes gold more expensive overseas.

After losing some $5 trillion value last week with the onset of Trump's unprecedented new trade policies, Wall Street stabilized today, with major indexes hovering between small gains and losses.

Benchmark 10-year Treasury yields also ticked higher as traders bet that the deepening trade war will stoke inflation, forcing the Fed to keep interest rates elevated.

Platinum and palladium fell 0.8% and 1.8%, respectively.

At the New York spot close: gold dropped $60.70 to $$2,951.30; silver rose 39 cents to $29.51; platinum dipped $8 to $894; and palladium shed $16.90 to $907.75 an ounce.