Gold prices surge amid European bank turmoil and rate cut expectations.
Gold and silver prices are slightly up due to safe-haven buying amid uncertainty in the US and European banking sectors. Reports suggest stress for Deutsche Bank, while US banks drew on $165 billion from the Federal Reserve lending facility in the week ending March 22. The silver bulls have the firm overall near-term technical advantage, while gold futures bulls have the solid overall near-term technical advantage. The US dollar index is higher on safe-haven demand, while Nymex crude oil futures prices are sharply lower.