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Gold and silver trade marginally lower heading into the European open

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(Kitco News) - Gold is flat this morning leading into the European cash open this morning. Silver is 0.21% lower but the all-important U.S. CPI data could throw a spanner in the works later in the session. In the rest of the commodities complex, copper is down nearly half a percent and spot WTI continues to rise as investors fear the impact of Hurricane Nicholas. 

Risk sentiment over was mixed. The Nikkei 225 (0.79%) and ASX (0.16%) pushed higher but the Shanghai Composite dropped -1.38%. Futures in Europe are pointing towards a negative open. 

In FX markets, the biggest mover was AUD/USD (-0.50%) which reacted to comments from RBA's Lowe and the dollar index traded steady (0.04%). In the crypto space, BTC/USD continues to consolidate at around $45k. 

Looking at the main news stories from overnight, RBA Governor Lowe says likely to stop QE bond-buying in 2022. He also noted, Delta outbreak has delayed, not derailed economic recovery. Importantly, Lowe said it is hard to understand the market pricing in hikes for 2022 and 2023.

Nicholas upgraded to Hurricane (U.S. Gulf), landfall in Texas expected Monday night.

Japan July final industrial production -1.5% vs -1.5% m/m prelim.

UK August jobless claims change -58.6k vs -71.7k expected.

Australian Q2 house price index +6.7% q/q and +16.8% y/y.

Australia Business confidence -5 (prior -8) and Conditions 14 (prior 11).

Australian weekly consumer sentiment 103.1 (prior week 100.0).

New Zealand house prices in August +27.5% y/y and +2.5% m/m.

The Norwegian Prime Minister, Erna Solberg, has called the leader of the opposition party, Jonas Gahr, to concede election defeat.

Looking ahead to the rest of the session highlights include U.S. CPI, Canadian manufacturing sales and comments from ECB's McCaul, German Buba Balz, German Buba President Weidmann, and German Buba Mauderer.

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