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Gold and silver move marginally lower ahead of the European open

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(Kitco News) - Gold has dipped slightly overnight but the consolidation is above the $1800/oz psychological level. Silver has dipped -0.68% to trade at $24.40/oz. In the rest of the commodities complex copper and spot WTI trade just under flat.

In terms of risk sentiment overnight, the ASX (0.03%) and Nikkei 225 (1.77%) moved higher but the Shanghai Composite lost -0.36% of its value. Index futures in Europe are pointing towards a positive open.

In FX markets, the biggest mover was AUD/USD which rose 0.22% but USD/JPY (0.20%) was close behind. In the crypto space, BTC/USD lost 1% but still trades at a lofty $62,465.

The German Ifo institute says supply chain problems starting to have an impact on industry exports too.

China's vice-premier Liu He spoke with US Treas Sec Yellen. China described the conversation as “pragmatic, candid and constructive,”

China's state planner says working to stabilize the price of coal over the longer term.

Elon Musk tweets seeing strong inflationary pressure in short term.

Indicator of Australian Business Confidence +10.2% in October.

Japan PPI for September 0.9% y/y (vs. expected 1%, prior 1%)

Previous Fed Chair Greenspan sees a threat of sustained inflation above the 2% target.

Mastercard and crypto firm Bakkt have partnered to enable cryptocurrency card payments.

Russian Deputy PM Novak wants OPEC+ to stick to the agreement to increase oil production by 400k bpd at 4th November meeting.

Looking ahead to the rest of the session highlights include U.S. consumer confidence, new home sales, and more large-cap earnings (Twitter, Microsoft and Alphabet). 

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