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Gold pushes higher ahead of the European market open

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(Kitco News) - Gold and silver are once again trading higher leading into the European open. Gold is 0.40% higher at $1785/oz while silver has moved up 1% to reach $26oz again. 

After inheriting a negative close from the U.S., bourses in the Asia Pac area have struggled overnight. The Nikkei 225 fell -2.03%, ASX -0.29% and the Shanghai Composite traded flat.

In the FX markets, the majors traded within their ranges. The dollar index is 0.02% in the black and the biggest mover was AUD/USD which dropped 0.11%. In the rest of the commodities complex, copper is up another 0.50% and spot WTI fell 0.23%. 

In regards to news, UK CPI for March came in at +0.7% vs +0.8% y/y expected and PPI Input month on month for the same month rose to 1.3% vs 0.6% expected.

Sticking with data, Australia Retail Sales for March beat expectations to hit +1.4% m/m (expected +1.0%).

The Japanese government are set to declare a state of emergency in Tokyo, Osaka, Hyogo due to another rise in COVID-19 cases.

Johnson & Johnson will restart shipments of its vaccine to the European Union after some production issues where resolved.

Chinese President Xi will attend the climate summit on 22nd April after Joe Biden extended an invitation to the Chinese leader.

In Germany, support for the Green party surged according to a recent poll by Forsa. Greens 28% vs Merkel's CDU 21%.

Ukrainian President Zelenskiy is said to be willing to meet Russian President Putin to ease tensions. Putin is also set to give his annual address to the nation today.

Saudi Arabia have reiterated calls for Iran to engage once again in negotiations and avoid any more escalation to not expose the region to more conflict. 

Looking ahead to the rest of the session highlights include Canadian CPI, Canadian rate decision, weekly DoE's and comments from the BOC and BoE's Bailey. 

 

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