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Gold and silver move higher ahead of the European open

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(Kitco News) - Gold and silver have both moved higher this morning leading into the European open. Gold is trading at $1755/oz recovering 0.71% of Thursday's 1.43% decline and silver is trading at $22.70/oz. Elsewhere in the commodities complex, copper has moved half a percent higher and spot WTI is 0.30% in the black. 

In terms of risk sentiment, the bourses in the Asia Pac area struggled to keep the momentum going. The ASX (-0.37%) and Shanghai Composite (-0.68%) both fell while the Nikkei jumped 2.06% as it played catch up from market closures. Futures markets are pointing towards some marginal weakness at the cash open. 

In FX markets, the biggest mover overnight was USD/JPY which rose 0.19% overnight. In the crypto space, BTC/USD is down 1.29%. 

News stories from overnight

Nomura slashes China's 2021 growth forecast to 7.7% from 8.2% previously.

ECB's Lagarde says there are many of the causes of higher prices are temporary.

China state planner hints at more action to combat commodity price rises.

The IMF has cut Australia's 2021 growth forecast, raised the 2022 outlook (projects 3.5% GDP for 2021, 4.1% for 2022).

Japan Jibun Bank / Markit preliminary September Manufacturing PMI 51.2 vs. prior 52.7.

Japan CPI data for August: Headline CPI -0.4% y/y (expected -0.3%).

U.K. GfK September consumer confidence -13 (vs. expected -8, prior -8).

New Zealand trade balance for August NZD -2144mm (prior NZD -402m)

Looking ahead to the rest of the session highlights include German IFO data, U.S. new home sales, and comments from Fed's Bowman, Powell, Clarida, ECB's Lane, Elderson, and BoE's Tenreyro.


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