Gold prices surge on weak U.S. data and bullish momentum.
TL;DR
Gold prices rose due to a weak US economic report, higher crude oil prices, a lower US dollar index, and a dip in US Treasury yields. The OPEC-plus cut in crude oil production by over 1 million barrels a day is also bullish for the entire raw commodity sector, including metals. The March US ISM manufacturing report showed activity dropped to the lowest level since May 2020, which falls into the camp of the US monetary policy doves who want to see lower interest rates sooner. May silver futures prices hit a two-month high today.
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