Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinNew York spot gold surged 2.2% to close near $3,364 as rekindled trade war fears slammed the dollar and stoked safe-haven demand. For the week, bullion rose 5.7% for its strongest in a month and a half. Silver rose 1.2% today and 4% this week, finishing at $33.44 an ounce.

President Trump unleashed new tariff tirades against the EU, threatening to increase tariffs to 50% as of June 1. In addition, he'll impose a 25% tariff on Apple iPhones made outside the US.

Global equities retreated after threats while global bonds rallied on flights to safety.

Trump's renewed trade war comes after Moody's downgrades US creditworthiness because of excessive deficits. Meanwhile, Republicans in the House passed Trump's so-called "big, beautiful bill" that will add another $4 trillion to the national debt by extending Trump's 2017 tax cuts, which are set to expire.

Bond markets have been on edge all week because of the Moody's downgrade and the tax cuts, both of which could make it more expensive to finance the national debt. Gold has benefited as investors seek security amid financial and political turmoil.

The dollar fell nearly 1% on the new tariff concerns, boosting gold and other commodities by making them cheaper in other currencies.

Platinum rose 1.6% today and 10.8% this week while palladium dropped 1.5% but still notched a 5% weekly rise. The PMGs benefitted this week from new sanctions from the EU and UK on Russia, a leading producer.

At the New York spot close: gold surged $71.30 to $3,363.60; silver climbed 40 cents to #33.44; platinum advanced $17.15 to $1.095.40; and palladium shed $15.65 to $1,002 an ounce.