Gold, silver up as bulls riding the price uptrend

(Kitco News) - Gold and silver prices are are higher in early U.S. trading Friday, supported by bullish outside markets on this day that include a lower U.S. dollar index and firmer crude oil prices. Bulls are playing the near-term price uptrends in place on the daily bar charts. June gold futures were last up $9.80 at $1,791.90 and May Comex silver was last up $0.12 at $26.30 an ounce.

Global stock markets were mixed overnight. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins, on a rebound from selling pressure Thursday afternoon, on news President Biden will propose nearly doubling the capital gains tax rate on the rich to fund programs aimed at more economic equality for all Americans. For those earning $1 million or more, the new top rate, coupled with an existing surtax on investment income, means federal tax rates for wealthy investors could be as high as 43.4%. Republicans slammed the proposal. The U.S. stock indexes have wavered this week amid the conflict of a likely expanding U.S. economy in the months ahead, but with a pandemic that is still seriously impacting much of the world.

In overnight developments, the Eurozone April composite purchasing managers index (PMI) came in at 53.7 versus 53.2 in March, and was above market expectations. A reading above 50.0 suggest growth. The Euro zone manufacturing PMI was 63.3 in the same period.