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Gold and silver move higher heading into the European open

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(Kitco News) - Gold and silver are heading into the European open 'on a positive note at the end of the week. The yellow metal is trading 0.50% higher and moved just above the $1800/oz psychological level again. Silver is 0.70% higher and is trading at $24.20/oz. In the rest of the commodities complex, copper has risen 1.20% and spot WTI has pushed 1% into the black.

Looking at the risk sentiment in the Asia Pac area, the Nikkei 225 (1.16%), ASX (0.50%) and Shanghai Composite (0.49%) have all moved higher overnight. Futures markets in Europe are all pointing towards a positive open.

In FX markets, the dollar index has dropped marginally but the biggest mover overnight has been NZD/USD (0.24%). The commodities currencies all performed well overnight. BTC/USD has retraced slightly following the recent drop and trades at $46,670/oz. 

Looking at the main news stories from overnight, Chinese state media says Presidents Xi and Biden had a broad, candid talk. It was reported that Biden and Xi have an ability to be candid and honest with each other without lecturing.

China state TV says President Xi wants improved trade relations with ASEAN countries.

UK July monthly GDP +0.1% vs +0.6% m/m expected.

Germany August final CPI +3.9% vs +3.9% y/y prelim.

ECB's Holzmann said PEPP should end next year if economic conditions remain favourable.

Fed's Kaplan says he will sell all individual stocks he owns and invest in tracking funds, cash. Fed's Rosengren also says he'll sell his individual stocks by 30th September.

Looking ahead to the rest of the session highlights include UK GDP, Russian rate decision, Eurogroup meetings, US PPI, Canadian employment change and we could also hear from ECB's Lagarde, ECB's Elderson, German Buba Vice President Buch, Fed's Mester and Daly.

 

 

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