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Gold and silver trade higher leading into the European open

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(Kitco News) - Gold in silver moved higher overnight as risk sentiment remained tepid. Gold pushed 0.17% higher while silver moved 0.71% into the black. In the rest of the commodities complex, copper jumped 1% while spot WTI lost -0.09%.

Risk sentiment in Asia was not the best. The Nikkei 225 (-0.21%) and ASX (-0.11%) traded just under flat while the Shanghai Composite rose 0.56%. Futures in Europe are pointing towards a slightly negative open. 

In FX markets, the U.S. dollar is down against GBP and EUR. The biggest move overnight came from EUR/USD (0.18%). In the crypto space, BTC/USD dropped around 1%. 

The White House says Biden Administration is embarking on an ‘Aggressive’ move on cryptocurrency.

Fed's Quarles will no longer be Vice-Chair of Supervision from October 13th.

Fed's Bullard says supports beginning tapering in November.

China calls steel mills in some cities to cut production over the next few months.

Chinese exports top estimates but imports lag behind.

ANZ believes a PBOC RRR cut announcement may come on Friday, October 15.

The bill to increase the U.S. debt limit has passed in the House.

The U.S. has submitted a new proposal to the EU to solve a dispute on steel tariffs.

U.S. Treasury Secretary Yellen says again she believes inflation is transitory.

Fed's Barkin says price rises are being driven by shortages.

The International Monetary Fund (IMF) is concerned that the recovery from the Covid-19 pandemic is losing steam and becoming increasingly divided.

German September final CPI +4.1% vs +4.1% y/y prelim.

U.K. August monthly GDP +0.4% vs +0.5% m/m expected.

New Zealand ANZ business confidence for October, preliminary: -8.6 (prior -7.2).

Japanese Core Machinery Orders for August -2.4% m/m (expected 1.7%).

New Zealand Food Price (inflation) for September +0.5% m/m (prior +0.3%).

Looking ahead to the rest of the session highlights include EZ industrial production, U.S. CPI, FOMC mins, and comments from Fed's Bowman, George, Brainard, ECB's de Cos, and BoE's Cunliffe. Elsewhere JP Morgan kick off earnings season so this could affect risk sentiment.


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