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Gold and silver trade higher ahead of the European open

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(Kitco News) - Heading into the European open gold (0.40%) and silver (0.38%) are both trading higher. The yellow metal is at $1789.88/oz still below the 200 day moving average and psychological $1800/oz level. Elsewhere in commodities, copper has risen 0.37% and spot WTI has moved -0.69% into the red.

Risk sentiment overnight was mixed. The Nikkei 225 (0.25%) closed higher but the Shanghai Composite (-0.27%) dropped while the ASX traded flat. Futures in Europe are indicating a positive open. 

In FX markets, the antipodeans stole the show as AUDUSD (0.28%) and NZD/USD (0.27%) both traded higher. After dropping yesterday Bitcoin is trying to climb back up and trades at a lofty $63,591.

Major news from overnight

Chinese property firm Evergrande made a debt repayment but there is another due next Friday (October 29).

China's State Planner says its studying measures to prevent coal firms from seeking excessive profits.

RBA to buy April 2024 Australian government bonds, up to AUD 1bn.

The US is planning a Xi-Biden virtual summit for next month.

BoE chief economist says UK inflation likely to hit 5% & November meeting is live.

U.S. Democratic Senator Manchin does not believe Democrats will reach a deal on the reconciliation package by Friday. 

U.K. September retail sales -0.2% vs +0.5% m/m expected.

Markit Japan preliminary PMI for October, Manufacturing 53.0 (expected 51.4).

Australia preliminary PMIs October: Manufacturing 57.3 (expected 58.6).

Japan CPI data for September, headline +0.2% y/y (vs. expected -0.8%).

U.K. GfK Consumer Confidence for October -17 (expected -15, prior -13).

Looking ahead to the rest of the session highlights include PMI (manufacturing) from the major nations, the EU council meeting, and comments from Fed's Williams and Powell.



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