Gold price gains as crude oil spikes higher gold silver crudeoil
- Gold prices are moderately higher and silver slightly lower in early U.S. trading Monday. Gold is getting a boost from sharply higher crude oil prices to start the trading week and the month of April. April gold was last up $9.20 at $1,978.10 and May silver is down $0.056 at $24.10.
“It‘s a shock move by OPEC-plus as the cartel had previously vowed to maintain a steady supply. This is a significant reduction in a market in which supply was expected to be tight for the second half of 2023,” said Nigel Green of the deVere Group. “The production cuts could see prices close to $100 a barrel due to demand from a reopening China and as Russia has slashed production due to sanctions from the West. The dramatic cut will only add to pressing global inflationary squeezes.
Global stock markets were mixed overnight. U.S. stock indexes are pointed toward mixed openings when the New York day session begins. It‘s a busier day for U.S. economic data released Monday, including the U.S. manufacturing purchasing managers index , the ISM report on business manufacturing, the global PMI, construction spending and domestic auto industry sales.
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