Make Kitco Your Homepage

Gold and silver move higher 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 started the week on the front foot rising 0.25% to trade at $1795/oz. Silver is also trading higher having risen 1.19%. In the rest of the commodities complex, copper is 1.24% higher and spot WTI has risen 4.95% but this comes after a big fall on Friday. 

Risk sentiment in the Asia Pac area was still pretty poor overnight. The Nikkei 225 (-1.63%), ASX (-0.54%) and Shanghai Composite (-0.04%) all struggled. Futures in Europe are indicating a positive cash open.

In FX markets, the U.S. dollar index has pushed 0.23% into the black and the strength has been pretty broadbased. In the crypto space, bitcoin trades 0.52% higher and hit $57,611.

Major news from the weekend and overnight:

WHO assesses overall global risk related to Omnicron variant as "very high".

U.S.'s Fauci says it'll take around 2 weeks for more info around Omicron transmissibility.

ECB.'s Lagarde says the eurozone is in better shape facing the new COVID wave.

The U.K says masks will be mandatory in shops, on public transport from Tuesday

China has suspended four flights from France due to Omicron cases.

RBNZ's Ha says the new variant is unlikely to halt Bank rate rises.

Australian PM Morrison says reviewing border reopening plans in light of Omicron.

Japanese media agencies report the country will ban all foreign entry this month

German car exports fell by roughly 17% in Q3 amid chip shortages, supply bottlenecks.

Germany regional CPI - North Rhine Westphalia November CPI +5.1% vs +4.5% y/y prior.

Australian Inventories for Q3 -1.9% q/q (vs. expected -0.6% q/q, prior 0.2%).

Japan data - October retail sales +1.1% m/m (vs. prior 2.7%).

Chinese October industrial profits +24.6% y/y (prior +16.3%).

Looking ahead to the rest of the session highlights include German regional and national CPI, EZ consumer confidence, U.S. pending sales, ECB's de Guindos, Schnabel, Lagarde, Fed's Williams and Powell. 

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.