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Weekly recap · Aug 11–Aug 15, 2025

Gold and silver finish lower as U.S. inflation data and tariff headlines reshape rate-cut bets

Gold ended the week at $3,335.50 an ounce, down 1.7% from Monday, as markets digested a shifting mix of tariff headlines and U.S. inflation data. Reuters and other outlets tied the late-week softness to hotter price readings that reduced hopes for a large, near-term Federal Reserve rate cut. Early in the week, bullion markets found some relief after President Trump said imported gold bars would not face tariffs, though later reporting revived uncertainty around Swiss bars. Silver fell with gold, while platinum finished slightly higher on the week despite choppy daily moves.

AI summaryWritten automatically with AI from 45 linked reports and our own price data, Oct 21, 3:09 AM ET. Each point links to its sources. Published without an editor’s review; not investment advice. How this page is made

The week in prices

  • Gold$3,335.50−1.7%
  • Silver$37.73−1.5%
  • Platinum$1,335.00+0.5%
  • Palladium$1,126.00−1.2%

Tone of the reports: Mixed

The week’s key developments

  1. Tariff worries cooled after President Trump said imported gold bars would not face tariffs, which several reports framed as a reprieve for bullion markets.

    SourcesEarlier news service: Bullion markets breath sigh of relief after Trump says gold will not face tariff..2: TRUMP assures gold bars will not face tariffs after US customs ruling rocked mar..3: TRUMP says gold imports won’t be tariffed in reprieve for marketReuters: Gold falls as markets await inflation data, Trump clarifies no tariffs on ...BusinessLine: After Trump signals no tariff on gold bars, bullion prices declineInvesting.com: Gold Falls As Trump Rules Out Tariffs On Imported Gold Bars ...

  2. Gold traded defensively ahead of key U.S. inflation releases, with Reuters and Bloomberg describing investors as waiting on clarity from incoming data.

    SourcesReuters: Gold falls as markets await inflation data, Trump clarifies no tariffs on ...Bloomberg: Watch US Gold Futures Fall as Traders Await Tariff Clarification ...

  3. Midweek, gold firmed as July CPI supported expectations for Fed rate cuts, according to Kitco News and Bloomberg coverage.

    SourcesKitco News: Gold rallies following July CPI data as rate cut expectations surge ...Bloomberg: Gold (XAUUSD) Holds Modest Gain as Inflation Data Aids US Rate ...thesundaily.my: Gold rises as soft US inflation boosts rate-cut expectations

  4. Later in the week, hotter producer inflation pressured gold and silver; Kitco News reported the July PPI jump helped trigger selloffs in both metals.

    SourcesKitco News: Gold price takes a hit as U.S. PPI jumps 0.9% in July | Kitco News2: Gold futures decline following hot PPI data despite dovish Fed ...3: Hotter U.S. producer inflation data sparks sell offs in gold, silver

  5. By Friday, Reuters and Yahoo Finance said hotter U.S. inflation data dimmed hopes for a large Fed cut, leaving gold headed for a weekly decline.

    SourcesReuters: Gold heads for weekly decline as US price data dims hopes of big Fed cutYahoo Finance: Gold Heads for Weekly Loss After Report Shows US Inflation SurgeEarlier news service: Gold set for weekly drop, US data dims large Fed rate cut hopesBusinessLine: Gold set for weekly decline as US inflation data dims Fed rate cut hopes

  6. Reuters reported Swiss gold industry groups warned about the risk of a possible U.S. gold tax after new U.S. tariffs on Swiss imports; a separate Yahoo Finance update said Trump indicated Swiss gold bars would not be exempt.

    SourcesReuters: Swiss gold industry warns against Swatch boss's US gold tax ...Yahoo Finance: Trump tariffs live updates: Trump says semiconductor tariffs coming ...

  7. On the positioning side, Seeking Alpha reported global gold ETFs saw inflows in July, led by North America and Europe.

    SourcesSeeking Alpha: Gold ETF Flows: July 2025 (NYSEARCA:GLD)

Bull vs bear

The arguments the day’s reports made for each direction. We list them side by side; we don’t pick one.

The case for higher prices

The case for lower prices

What to watch next week

  • UpcomingAlaska summitBloomberg said traders were looking to the summit, with Ukraine tensions still seen as supporting gold.

Metal by metal

Gold $3,335.50 −0.25%

This week’s reporting centered on U.S. inflation prints (CPI and PPI) swinging expectations for Federal Reserve rate cuts, with hot producer and broader inflation readings later in the week weighing on prices. Tariff messaging was also a major driver: multiple reports said Trump reassured markets that gold bars would not be tariffed, while other coverage highlighted renewed uncertainty around Swiss gold policy risk and exemptions.

Gold headlines

Silver $37.73 −1.53%

Silver largely moved with gold in the coverage. HSBC said silver should benefit from gold’s strength and raised its forecast, but hot U.S. PPI was reported as a direct trigger for selloffs in both gold and silver.

Silver headlines

Platinum $1,335.00 −1.33%

No report focused on platinum.

Platinum headlines

Palladium $1,126.00 −1.23%

No report focused on palladium.

Palladium headlines

Day by day

  1. Monday, Aug 11Gold and silver slide as tariff confusion fades and traders wait on U.S. inflation data
  2. Tuesday, Aug 12Gold eases after tariff relief and CPI; platinum outperforms into the close
  3. Wednesday, Aug 13Gold and silver close higher as July CPI boosts rate-cut bets; palladium lags
  4. Thursday, Aug 14Gold and silver slip on hot PPI and firmer dollar; platinum and palladium rebound
  5. Friday, Aug 15Gold dips with hot U.S. inflation data; silver and PGMs slide more sharply

How this page is made

Collected every hour. Summed up twice a day. Linked to the source.

Where the news comes from

  • Reuters and Dow Jones headlines for gold, silver, platinum and palladium, through TradingView
  • Kitco News and MetalsDaily
  • The World Gold Council
  • Google News, for wider coverage
  • A daily AI web search for anything the feeds missed

How the briefs are written

Every hour we collect new headlines. An AI model from OpenAI tags each one by metal, topic and importance and writes a one-line summary from its headline and teaser. It doesn’t read paywalled articles. On weekdays at about 8 AM and after the 5 PM New York close, it writes a brief from the most important reports and our own spot price feed. Every point cites the reports it came from. On Fridays it writes a recap of the week.

Who publishes it

Bullion Trading LLC is a physical precious metals dealer in New York’s Diamond District, in business since 2008. Prices on this page come from our own live feed and LBMA history. We buy and sell bullion, so read the briefs as market context, not investment advice. Briefs are published automatically, without an editor’s review. If you spot an error, tell us.

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