Gold and silver stocks jumped in premarket trading. Endeavour Silver up over 8%; First Majestic Silver, Coeur Mining, Harmony Gold up about 5%; Anglogold Ashanti, Gold Fields up over 3%.

Spot silver surged over 3% to $35.6/oz, hitting its highest level since march 2012.

Gold held gains, after weaker-than-expected US data reinforced expectations that the Federal Reserve will cut interest rates at least twice this year to prevent a recession. Spot gold edged up 0.67% to $3,395.67 an ounce.

Bullion is up almost 30% this year and hit a record high in April, as an expanding US-led tariff war bolstered its appeal as a haven. Central banks have also been a major driving force, with their buying spree expected to continue amid geopolitical tensions and concerns about overexposure to the dollar.