Gold Climbs to $4,657 on Weak ISM PMI, Iran's Fresh Peace Plan

Spot gold surges to $4,657.33/oz on May 1, up 0.75% near session highs, propelled by April ISM Manufacturing PMI at 52.7 (missed 53.1 forecast) and Iran's new peace proposal easing Middle East tensions. After a brutal 13% March plunge ($700/oz drop, worst since 2008) from war escalation, dollar strength, and $3B GLD outflows, prices spiked nearly 3% to $4,749.50 Comex settle on April 8 ceasefire news, consolidated at $4,742.85 by April 10, and dipped to $4,649.90 on April 30 renewed tensions before today's rebound amid USD weakness, Fed's April 29 rate hold at 3.50%-3.75%, and Q1 central bank buying of 244 tonnes (+3%).