Make Kitco Your Homepage

Gold and silver are mixed heading into the European open

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(Kitco News) - Gold has moved slightly higher heading into the European session but this is largely a retracement from the fall seen over the last two sessions. The yellow metal is now trading at $1792/oz. Silver is -0.35% lower trading at $23.57/oz the lowest it has been trading since early November. In the rest of the commodities complex, copper is trading 0.24% higher and spot WTI is 0.27% in the black. 

Risk sentiment was mixed overnight. The Nikkei 225 (-1.58%) and ASX (-0.15%) both fell while the Shanghai Composite rose 0.10%. Futures in Europe are pointing towards a moderately positive cash open.

In FX markets, NZD/USD was the biggest mover falling just over half a percent. In the crypto space, BTC/USD fell another -1.66% to trade at $56,581.

Headlines from overnight:

China vice commerce minister says will introduce new measures to stabilize trade, in due course.

Japan says there is no decision on the timing of the sale of oil reserves.

RBNZ raises its cash rate by 25bps, as expected. RBNZ Governor Orr said the reopening of the New Zealand border does not change the policy outlook.

China financial press reports analysts believe PPI has likely peaked due to fall in coal prices.

The new head of Germany's Bundesbank will be chosen this week.

Japanese Manufacturing PMI 53.5 (vs. expected 54.5).

Australia Construction work done for Q3 -0.3% q/q (vs. expected -3.1%).

Singapore Q3 GDP +7.1% y/y (vs +6.5% expected).

Looking ahead to the rest of the session highlights include German IFO, U.S. GDP, PCE, durable goods, initial jobless claims, new home sales, University of Michigan data, FOMC minutes and comments from ECB's Panetta and Schnabel.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.