Make Kitco Your Homepage

Gold and silver are flat leading into the European open

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(Kitco News) - Gold and silver are trading flat leading into the European open. There was not too much movement in the whole of the commodities complex as copper (0.09%) and spot WTI (0.08%) remained pretty static too. These kinds of market movements are usually expected before non-farm payrolls.

Risk sentiment was mixed overnight. The Nikkei 225 (0.27%) and ASX (0.59%) pushed higher while the Shanghai Composite fell 1.85%. Futures in Europe are looking mixed at the FTSE is projected to open lower but the DAX is looking positive.
In FX markets, the dollar index has pushed 0.07% higher and the biggest mover overnight was EUR/USD (-0.10%). In the crypto space, BTC/USD is looking weak this morning and trades -1.79% down at $32,920.
In terms of news from overnight, Australia will cut international arrivals by 50% due to COVID-19 delta strain risk.
South Korea is likely to be the first Asian economy to start normalizing monetary policy.
There have been some reports that the EU regulators may not recognize U.K. Covid-19 vaccines for travel passports.
IMF's Georgieva says once a country gets to a 50% vaccination rate it leads to significantly improved economic performance.
The IMF also added, it still sees significant labor market slack in the US, will impact on wage and price pressure.
The U.S. won backing for the global minimum corporation tax initiative from 130 countries.
Overnight there was a removal of some restrictions in the Australian state of Queensland but PM Morison also laid out a 4-step plan to ease lockdown restrictions elsewhere.
The OPEC meeting has been postponed until today after delegates failed to come up with a solution. It was reported that there were differences between Saudi Arabia and the UAE.
Yesterday, Fed's Harker once again reiterated his support for tapering. It has been said he is looking for a $10bln per month reduction.

Looking ahead to the rest of the sessions the main event is the non-farm payroll report. We also have Canadian & U.S. trade figures, U.S. factory orders and comments from ECB's Lagarde and Enria.

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.