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Gold and silver trade higher leading into the European open

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(Kitco News) – Gold (0.47%) and silver (0.23%) have moved higher overnight leading into the European open. The yellow metal is building on the 1.27% increase from Thursday’s session and now trades at $1807/oz. In the rest of the commodities complex, copper is trading 0.39% higher but spot WTI has dropped -0.27%. 

Overnight stocks in the Asia Pac area followed the negative cue from the States. The Nikkei 225 (-1.79%) and Shanghai Composite (-1.16%) fell but the ASX bucked the trend to trade 0.11% higher. Futures in Europe are pointing towards a negative open. 

In FX markets, the biggest mover was NZD/USD which fell 0.40% overnight. Most of the commodities’ currencies were weaker as USD/CAD rose 0.20% and AUD/USD fell around -0.31%. In the crypto space, BTC/USD fell 1.50% to trade at $46,906.

News stories:

China has revised its 2020 GDP growth to 2.2% y/y.

Bank of England hike: It was the labor market that worried them.

U.K. Conservative party (The Tories) lost Thursday’s vote in North Shropshire, England a seat that has been held since 1832.

U.S. President Biden has conceded his BBB bill won’t get passed this year.

U.S. President Biden warns that the Omicron variant will ‘spread much more rapidly’.

BoJ’s Kuroda: will ease monetary policy without hesitation as needed.

Australian state Western Australia tightens it border due to mounting coronavirus cases.

Japan PM Kishida asks Pfizer to bring forward Japan’s contracted supply of COVID19 vaccine.

NZ finance minister Robertson says the economy remains resilient in the face of the pandemic.

German November PPI + 0.8% vs 3.8% m/m prior.

U.K. November retail sales 1.4% vs 0.8% m/m prior.

U.K. December GfK consumer confidence -15 (prior -14).

New Zealand Activity Outlook 11.8 (prior 15) & Business confidence -23.2 ( prior -16.4).

Looking ahead to the rest of the session highlights include German ifo, CBR policy announcement, and quadruple witching. 


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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