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Gold and silver move lower ahead of the European open

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(Kitco News) - Gold and silver are both trading lower ahead of the European open. Gold has once again dipped through $1800/oz to trade at $1785/oz. In the rest of the commodities complex, copper is also struggling and down -1.59% but spot WTI is flat after a few decent sessions.

Risk sentiment was mixed in the Asia Pac session. The ASX jumped 0.58% as energy firmed outperformed but the Nikkei 225 (-0.62%) and Shanghai Composite (-1.16%) traded negatively. Futures in Europe are pointing towards a mixed open.

In FX markets, the dollar index is 0.10% higher and the biggest mover overnight was AUD/USD which dropped -0.14%. In the crypto space, BTC/USD is up again trading at $48,400. 

The main headlines leading into the European session:

China is to release further from its reserves of aluminium, since and copper. The announcement came from The National Development and Reform Commission of the People's Republic of China (NDRC).

China's US embassy says US, UK, Australia should 'shake off' their cold-war mentality.

Japan cuts economic assessment in September, the first time in four months.

Australia jobs report: Employment Change -146.3K (vs expected -90K) & Unemployment Rate 4.5% (expected 4.9%).

Australia Consumer Inflation Expectations for September: 4.4% (previous 3.3%).

NZ PM Ardern says Australian nuclear-powered submarines will be banned from entering New Zealand's waters.

New Zealand GDP for Q2 2021 +2.8% q/q (expected 1.4%).

US House advances tax plan which means higher corp tax, a higher tax on wealthy. The bill will now pass to the House for a vote.

ECB's Lane says the yield curve is still pretty low and is happy that the accommodation is helping to build core inflation.

Looking ahead to the rest of the session highlights include U.S. initial jobless claims, U.S. retail sales, Philly Fed data and comments from ECB's Lagarde

 

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