Gold, silver see good price gains on bullish outside markets | The Mesh Report

Gold, silver see good price gains on bullish outside markets

The Gold Enthusiast May 3, 2021 Comments Off on Gold, silver see good price gains on bullish outside markets

Gold and silver prices are solidly up in early U.S. trading Monday, on some perceived bargain hunting and amid bullish outside market forces that include a weaker U.S. dollar index and slightly firmer crude oil prices. The gold and silver bulls have regained the slight near-term technical advantage. June gold futures were last up $17.90 at $1,785.60 and July Comex silver was last up $0.652 at $26.53 an ounce.

Global stock markets were mixed overnight, with Asian shares mostly weaker and European shares mostly firmer. U.S. stock indexes are pointed toward higher openings when the New York day session begins. U.S. traders and investors are upbeat to start the trading week, amid recent economic data that generally depicts strengthening U.S. business activity, and a drop in Covid-19 cases that suggests the pandemic is finally loosening its grip on the world’s largest economy.

There was also some upbeat news coming out of the Euro zone Monday. The region’s April manufacturing purchasing managers index (PMI) came in at 62.9 following a March reading of 62.5. A number above 50.0 suggests growth in the sector.

The key outside markets today see the U.S. dollar index lower. Nymex crude oil prices are slightly up and trading around $64.00 a barrel. Meantime, the yield on the benchmark 10-year U.S. Treasury note is presently fetching around 1.646%.

It’s a busy day for U.S. economic data Monday, including the U.S. manufacturing purchasing managers index (PMI), the ISM report on business manufacturing, the global manufacturing PMI, construction spending and domestic auto industry sales. Federal Reserve Chairman Jerome Powell is also slated to give a speech this afternoon.

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