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Gold and silver dip slightly heading into the European open

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(Kitco News) - Gold and silver have pushed lower overnight heading into the Europen open. The yellow metal has dipped back below $1800/oz while silver is trading at $24/oz. In the rest of the commodities complex, both copper (-1.19%) and spot WTI (-0.89%) struggled also in a tough session for commodities.

Risk sentiment was mixed in the Asia Pac session. The Nikkei 225 (-0.03) and Shanghai Composite (-0.18%) closed lower while the ASX (0.07%) just about kept its head above water. Futures in Europe are pointing towards a moderately negative open. 

In FX markets, AUD/USD (0.37%) was the biggest mover after the inflation data and the U.S. dollar index fell -0.10%. Bitcoin moved marginally higher and now trades at $60,757.

Major news from overnight:

U.S. authorities have revoked the authorization for China Telecom to operate in U.S..

Chinese Industrial Profits for September +16.3% y/y (prior +10.1%).

Australian Q3 inflation 0.8% q/q (vs. expected 0.8%).

The U.K. reported its highest daily death toll from coronavirus since the beginning of March.

Germany September import price index +1.3% vs +1.5% m/m expected.

Germany November GfK consumer confidence 0.9 vs -0.5 expected.

U.K. BRC Shop Price Index for October -0.4% y/y (prior -0.5%).

Looking ahead to the rest of the session highlights include U.S. durable goods orders, BoC rate decision, and the U.K. budget.


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