Gold prices surge amid global market volatility.

Gold and silver prices are up due to a weaker US dollar index, firmer crude oil prices, and a dip in US Treasury yields. Safe-haven demand for gold and silver is still a bullish factor supporting the two precious metals. China's central bank eased its monetary policy by lowering its reserve requirement ratio for banks by 0.25%. The Federal Reserve's FOMC meets next week, and there is a debate in the marketplace regarding whether the Fed will raise its main interest rate by 25 basis points or stand pat amid the US and European banking crises.