Gold rallies on weak U.S. data, spike in crude oil gold silver oil
- Gold prices are solidly higher and silver near steady in midday U.S. trading Monday. Gold is getting a boost from a downbeat U.S. economic report, sharply higher crude oil prices, a lower U.S. dollar index and a dip in U.S. Treasury yields. April gold was last up $21.00 at $1,990.00 and May silver up down $0.009 at $24.17.
Meantime, the March U.S. ISM manufacturing report showed activity dropped to the lowest level since May of 2020. The March factory activity reading of 46.3 was lower than both the prior reading of 47.7 and consensus estimate of 47.5."Everything in this report was weak. Prices paid fell from 51.3 to 49.2, while employment plunged from 49.1 to 46.9. Demand is falling off a cliff as new orders plunged from 47.0 to 44.3.
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