The gold price is marginally lower heading into the European open
(Kitco News) - Gold and silver are trading marginally lower leading into the European open. During Monday's session, both precious metals made decent ground but by the end of the day gold moved into negative territory and silver closed 1.37% in the black. The risk sentiment in the indices has yo-yo'd and overnight the Nikkei 225 closed just over 1% lower, ASX fell 1.05% and the Shanghai Composite recorded a 1.86% drop.
There has been some Brexit news overnight. UK PM apparently made a last-minute attempt to put together a deal on fishing rights but an EU official said "it is still a no from us". According to the report in the Telegraph, the Government tabled an 11th-hour proposal that would see the bloc slash the value of its fishing catch in UK waters by roughly a third over a transition period of five years.
In the FX space, the US dollar outperformed overnight as the COVID-19 situation gets worse in Europe. The dollar basket moved 0.29% higher into the EU session and the underperformers are both AUD and NZD. In the rest of the commodities complex Nat Gas (0.20%) is holding up well while spot WTI has fallen nearly 2%.
There was some positive data overnight as Australian retail sales month on month hit 7.0% beating the analyst expectations of -0.6%.
Looking ahead to the rest of the session highlights include UK GDP, US GDP, US CB consumer confidence, US existing home sales and API crude oil inventories.