Gold prices remain near 10-day highs as ISM PMI rises in March

Gold is holding near 10-day highs above $4,700/oz, with spot last at $4,744.80 (+1.65%) even after a stronger-than-expected U.S. ISM Manufacturing PMI print of 52.7 for March versus 52.3 expected. The market reaction suggests bullish momentum remains intact and that the latest growth data is not enough to trigger meaningful liquidation in gold. The details of the report were mixed rather than outright constructive for risk assets: new orders eased to 53.5 from 55.8, employment slipped to 48.7, while the prices index surged to 78.3 from 70.5, signaling a sharp pickup in manufacturing inflation pressures. ISM’s Susan Spence also flagged rising uncertainty, with panelists citing the Iran war, U.S. policy uncertainty and tariff-related concerns. For gold, the combination of sticky prices, geopolitical stress and policy uncertainty remains supportive even when activity data beats expectations. Near term, the market will watch whether further inflation signals keep real-rate expectations contained and whether any follow-through from the ISM prices component extends the bid in bullion above the recent highs.