Gold and silver trade higher ahead of the European open

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(Kitco News) – Gold has risen half a percent overnight to trade above $1800/oz again. Silver has also used 0.77% in higher to trade at $22.60/oz ahead of the European open. In the rest of the commodities complex, copper is 0.36% higher while spot WTI rose 0.62%. 

Risk sentiment was pretty bearish overnight as the Nikkei 225 (-0.90), ASX (-0.77%), and Shanghai Composite (-0.73) all struggled. Index futures in Europe are trading well ahead of the cash open. 

In FX markets, AUD/USD was the biggest mover overnight rising 0.34% and commodities currencies performed well in general. In the crypto space, BTC/USD rose 0.75% to trade at $42,129.

Headlines from overnight:

ECB sees inflation falling this year and back below 2% target in 2023, 2024.

Fed’s Barkin says a March 2022 Federal Reserve rate rise is conceivable.

Fed Chair Powell says the US economy is expanding at its fastest pace in many years.

Fed’s Clarida is resigning two weeks early.

China orders suspension of some U.S. flights.

Further coronavirus restrictions in China’s Shenzen. Partial lockdown imposed on a district of Tianjin, China.

China plans to build 6.5m low-cost new homes by the end of 2025.

Volkswagen is optimistic that inflation will ease. Pessimistic on continued chip shortage.

Biden reducing the land available for oil exploring in Alaska reserve from Trump’s 82% to 58%.

Japan November preliminary leading indicator index 103.0 vs 100.2 prior.

Australian Balance of Trade data (November) AUD9.42bn (vs. AUD10.6bn surplus expected).

Australia November Retail Sales +7.3% m/m (expected 3.9%).

U.K. BRC Like-for-like retail sales +0.6% y/y in December (prior +1.8%).

Looking ahead to the rest of the session highlights include U.S. NFIB business optimism, comments from ECB’s Lagarde, Fed’s Bullard, Geroge and Powell. 


Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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