More price gains in gold, silver amid safe-haven bidding

Gold and silver are extending their safe-haven rally in early U.S. trade as the Middle East conflict escalates and energy markets reprice higher. June gold is up $53.70 at $4,610.50, while May silver is up $2.791 at $73.37. With today also the month- and quarter-end session, technical flows may be amplified into the close. The macro backdrop is broadly supportive for precious metals: U.S. gasoline has pushed above $4.00/gal for the first time since 2022, crude is firmer, and world government bond prices are falling. In Europe, March eurozone CPI jumped to 2.5% y/y from 1.9%, reinforcing the view that the ECB may need to stay tighter for longer even as core inflation eased to 2.3%. China’s March manufacturing PMI improved to 50.4 from 49.0, which helps the growth narrative but does little to offset the immediate geopolitical bid. Near term, the key risk for gold and silver is whether the Iran/Strait of Hormuz situation de-escalates or broadens further; as long as shipping, oil, and inflation risks remain elevated, the safe-haven bid should persist. Watch quarter-end positioning and momentum follow-through in gold above $4,600 and silver above $73 for signs of trend extension, while any easing in crude or geopolitical headlines could trigger profit-taking after this sharp move.