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Weekly recap · Aug 18–Aug 22, 2025

Gold flat for the week as Powell nudged rate-cut hopes; silver up slightly

Gold ended the week essentially unchanged at $3,334.25 an ounce, with trading dominated by Federal Reserve messaging and the dollar. Chair Jerome Powell said rates may need to be cut, but the Fed would proceed carefully, which several outlets said shifted rate-cut expectations and moved yields and the dollar. Silver finished the week higher, while platinum was slightly up and palladium slightly down, even though all four metals are lower over the past 30 days. Several reports also focused on fund flows in gold products and on cross-border gold trade issues, including Switzerland’s exports and new restrictions in Sudan.

AI summaryWritten automatically with AI from 43 linked reports and our own price data, Oct 21, 3:10 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$3,334.25+0.0%
  • Silver$38.01+0.7%
  • Platinum$1,339.00+0.3%
  • Palladium$1,124.00−0.2%

Tone of the reports: Mixed

The week’s key developments

  1. Gold finished the week basically flat (from $3,335.50 to $3,334.25), with most coverage tying day-to-day moves to Fed expectations, Treasury yields, and the dollar ahead of and after Jackson Hole.

    SourcesBloomberg: Watch Gold Edges Up as Traders Look to Jackson Hole - BloombergReuters: Gold little changed as investors await Powell's remarks at Jackson ...2: Powell says rates may need to be cut, but Fed to proceed carefully3: Stocks rally, yields dip as Powell opens door to September rate cutYahoo Finance: Gold Eases With Focus on Jackson Hole Meeting for Fed CluesEarlier news service: Gold slips as dollar firms, spotlight on Powell's Jackson Hole remarks

  2. Powell said rates may need to be cut, but the Fed will proceed carefully; market coverage said this pushed yields lower and supported risk assets, while gold reacted quickly to shifting rate-cut expectations.

    SourcesReuters: Powell says rates may need to be cut, but Fed to proceed carefully2: Stocks rally, yields dip as Powell opens door to September rate cutCNBC: Gold gains as Powell's comments fuel rate cut hopesKitco News: Gold prices jump as Powell says policy adjustment may be warranted2: Gold price gains as Powell signals rate cuts, but inflation risk clouds outlook

  3. Several reports said gold was pressured at times by a firmer dollar and by hawkish interpretations of Fed minutes going into Powell’s remarks.

    SourcesInvesting.com: Gold prices dip as hawkish Fed minutes weigh ahead of Jackson ...Earlier news service: Gold slips as dollar firms, spotlight on Powell's Jackson Hole remarks

  4. Kitco reported gold traded above $3,345/oz after worse-than-expected U.S. weekly jobless claims, highlighting how U.S. data releases were moving gold intraday this week.

    SourcesKitco News: Spot gold trades above $3,345/oz after U.S. weekly jobless claims ...

  5. Flow and physical-market stories stayed in focus: one report said a Tabula-marketed $1bn gold ETC was emptied by heavy redemptions, while Bloomberg reported Switzerland’s gold export surge as trade tensions with the U.S. lingered.

    SourcesEarlier news service: Tabula-marketed $1bn gold ETC emptied by huge redemptionsBloomberg: Switzerland's Gold Export Surge Highlights Its US Trade Dilemma ...2: Trade War Latest: Christmas Trees and Tariffs - Bloomberg

  6. Supply and policy headlines also appeared in the background: Sudan restricted gold trade as its currency fell, and Fitch BMI raised its 2025 gold price forecast to $3,250/oz while maintaining a bullish stance.

    SourcesEarlier news service: SUDAN restricts gold trade as currency falls: What to know2: Fitch BMI raises 2025 gold price forecast to $3,250/oz, maintains slightly bull..

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

Metal by metal

Gold $3,334.25 −0.12%

This week’s gold coverage centered on Fed communication (minutes and Powell at Jackson Hole), with several outlets describing gold’s sensitivity to the dollar and rate-cut expectations. Reports also highlighted gold investment-product flows (including heavy redemptions in one gold ETC) and trade-related shipping/export themes (Switzerland, Sudan).

Gold headlines

Silver $38.01 +1.17%

Silver got less standalone coverage than gold, but reports noted it was outperforming at times and pointed to stronger ETF demand in some reporting. One article framed the broader question of whether silver can keep outshining gold, without adding many near-term drivers.

Silver headlines

Platinum $1,339.00 +0.60%

Platinum appeared mainly in day-to-day price roundups rather than deep single-topic reporting this week, so detail was thin.

Platinum headlines

Palladium $1,124.00 +1.26%

Palladium was mentioned largely in end-of-week pricing summaries, with limited additional reporting-specific drivers.

Palladium headlines

Day by day

  1. Monday, Aug 18Gold steadies near $3,332 as markets wait for Fed signals; silver outperforms
  2. Tuesday, Aug 19Gold little changed as dollar and yields eased, with Jackson Hole in focus
  3. Wednesday, Aug 20Gold steadies near recent lows as markets parse Fed minutes ahead of Jackson Hole
  4. Thursday, Aug 21Gold ends lower, silver higher as markets wait for Powell at Jackson Hole
  5. Friday, Aug 22Gold ends slightly lower as Powell talk swings rate-cut expectations and the dollar

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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