Gold rallies as bulls buy the early dip

Gold prices are a higher in midday U.S. trading Monday, boosted by bargain hunting in the cash market and short covering in the futures market. Sharply higher oil prices again today also helped to lift the metals markets. April gold futures were last up $7.90 at $1,937.10 and May Comex silver was last up $0.383 at $25.47 an ounce.

Global stocks markets were mixed overnight. The U.S. stock indexes are mixed at midday. The Russia-Ukraine war continues on the front burner of the marketplace. Russia over the weekend reportedly used a hyper-sonic missile to attack a Ukrainian city, with some military analysts saying the war is entering a new chapter of deadlier consequences for Ukrainian citizens.

President Biden Thursday meets with NATO and EU leaders to discuss Russia’s invasion of Ukraine. The two-day summit will be held at NATO headquarters in Brussels. Biden will also join a European Council meeting. During the summit, Biden will "discuss ongoing deterrence and defense efforts" and reaffirm the U.S. commitment to NATO allies, said the Biden administration.

The key outside markets see Nymex crude oil prices solidly higher and trading around $110.50 a barrel. The U.S. dollar index is slightly lower at midday today. The benchmark U.S. 10-year Treasury note is presently yielding 2.2%. 

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