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Gold and silver both move lower ahead of the European open

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(Kitco News) -  Gold and silver are both trading lower this morning. The yellow metal is down -0.25% while silver has lost -0.23%. Copper is also down -0.43% despite a strong performance on Wednesday. Spot WTI (0.58%) joins platinum (0.54%) and Palladium (0.22%) in trading on the positive side ahead of the European open.

In terms of risk, despite all the taper talk, it was a good session in the Asia Pac area. The ASX (1.00%) and Shanghai Composite (0.24%) pushed higher while the Nikkei 225 fell -0.67%. In Europe, futures markets are pointing towards a positive open.

In FX markets, the dollar index (-0.18%) is struggling the biggest mover was USD/CAD which fell -0.32%. Lastly, BTC/USD is 0.72% higher at $43,875.

News stories from overnight:

Yesterday the Fed gave notice that a reduction in the pace of asset purchases may be warranted and may even scale back entirely by mid-2022. The Fed also now sees seven rate hikes over its horizon, it was previously two. (read here)

Fitch cuts its China 2021 GDP forecast to 8.1% (from 8.4%).

South Korea central bank says it's ready to step in to stabilize markets if necessary.

US Treas Sec Yellen wants to stop the 'race to the bottom for international tax rates.

Australia Manufacturing 57.3 (prior 52.0), Services 44.9 (prior 42.9).

RBNZ confirms it'll proceed with its plan to tighten lending for housing.

U.S. FDA is to authorize a 3rd Pfizer vaccine shot to those 65 and over at high risk.

Looking ahead to the rest of the session highlights include BoE, SNB, Norges Bank CBRT, and SARB rate decisions. We will also get Eurozone, U.S., and U.K. Flash PMI's. 

 

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