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Gold and silver trade marginally lower heading into the European open

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(Kitco News) - Gold is flat and silver is marginally lower heading into the European open this morning. The yellow metal recovered from the low of $1780.90/oz seen on Tuesday and has now just retaken the $1800/oz psychological level once again. Both copper (0.44%) and spot WTI (0.29%) are trading well as general commodities sentiment improved.

Risk sentiment overnight was poor. The Nikkei 225 (-0.55%), ASX (-0.27%) and Shanghai Composite (-0.43%) all traded lower. Futures in Europe are also pointing towards a negative open. 

In FX markets the dollar index is slightly negative but the biggest mover overnight was USD/JPY which lost -0.14%. BTC/USD has dropped around -0.71% despite rising 4.86% on Tuesday.

Looking at the major news stories from overnight:

China August data: Industrial Production 5.3%y/y (expected 5.8%).

China's August retail sales were +2.5% y/y compared to +7% expected and +8.5% in July.

Alaska’s largest hospital has begun rationing its medical services.

Chile sees slowing Chinese demand for copper, projects price falling in 2022. This is according to Commission Chilena del Cobre (Cochilco) acts as an advisor to the Chilean government through the Ministry of mining. For 2021 $4.20/lb (was $4.30/lb previously, this projection made 3 months ago) for 2022 unchanged at $3.95/lb.

Japan's Coast Guard says it appears North Korea has launched another missile.

UK August CPI +3.2% vs +2.9% y/y expected.

Australia - Westpac Consumer Confidence Index for September +2.0% m/m (prior -4.4%).

South Korea August unemployment rate 2.8%, a record low.

Japan Core Machinery Orders for July +0.9 % m/m (expected 3.1%).

New Zealand's Q2 current account deficit widens to -3.3% of GDP.

Looking ahead to the rest of the session highlights include Canadian CPI, U.S. industrial production, NZ GDP, and comments from ECB's Schnabel, Lane, and BoJ's Kuroda. 

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