Gold and Silver Extend Gains as Dollar Weakens Offsetting Higher Yields

Spot gold traded near 4602.99 dollars per ounce, gaining 1.86%, while silver reached 68.97 dollars, up 1.29%. The advance was driven by a softer dollar, fiscal-risk hedging and Strait of Hormuz uncertainty, even as Treasury yields stayed elevated. U.S. equity benchmarks finished higher, with the S&P 500 rising 0.4% to 7674.37 and the Dow Jones gaining 1.0% to 53277.01. European markets also advanced, led by a 0.59% gain in the STOXX 600. The U.S. flash composite PMI hit 56.0, its strongest level in more than four years. The dollar index fell below 99.00 and the 10-year Treasury yield held near 4.7%. Geopolitical tensions around the Strait of Hormuz and elevated oil prices (Brent near 93.29 dollars) continue to underpin precious-metals demand.