Weak Economic Data Boost Gold and Silver

Gold has finally punched through to over $2,000/toz and silver is still over $25/toz in their respective spot prices.

• GOLD

  $2,030.78

  +40.21

  SILVER

  $25.19

  +1.04

  
  

According to Kitco News:

(Kitco News) - Gold and silver prices are sharply higher and hit 12-month highs near midday Tuesday. 

Some weak U.S. economic data that pressured the U.S. dollar index and sent U.S. Treasury yields 

down boosted gold and silver prices. Bullish charts are also fueling the technically related precious 

metals bulls. Gold prices are now within striking distance of the all-time high of $2,078.80, basis nearby

 Comex futures, scored in March of 2022. April gold was last up $37.60 at $2,021.60 and May silver was

 up $0.909 at $24.93.

The gold and silver markets rallied strongly in the aftermath of downbeat U.S. economic data released

Tuesday morning. The Labor Department reported job openings fell in February to the lowest levels 

in nearly two years—a sign employers demand for workers has eased. Meantime, U.S. factory orders

in March were down 0.7%. The economic data falls into the camp of the U.S. monetary policy doves 

who want to see lower interest rates from the Federal Reserve, or at least a pause in the recent string

 of rate hikes. That pressured the U.S. dollar index and dropped U.S. Treasury yields.

 To read more, go here.