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Gold and silver trade higher leading into the European open

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(Kitco News) - Gold (0.35%) and silver (0.30%) are heading into the European session on the front foot. The yellow metal is trading at $1783/oz and silver is at $22.43/oz. In the rest of the commodities complex, copper has fallen -0.47% while pot WTI has jumped another 1.10%. 

Risk sentiment was good overnight. The Nikkei 225 (1.89%), ASX (0.95%) and Shanghai Composite (0.16%) all closed in positive territory. Futures in Europe are pointing towards a positive cash open.

In FX markets, the biggest mover overnight was AUD/USD (0.57%) after the RBA rate decision. In the crypto space, BTC/USD pushed 1% higher to trade at $51,078.

News from overnight:

RBA holds cash rate at 0.10%, as expected, weekly bond purchases at $4bln until mid-February. Inflation to reach 2.5% over 2023. Economy expected to return to pre-Delta path in H1 2022. 

China confirms central bank will cut the RRR by 0.5 percentage points from 15 December.

U.K. BRC Sales like-for-like for November +1.8% y/y vs -0.2% prior.

Japan Oct household spending -0.6% y/y vs -0.6% expected.

Japan Oct labor cash earnings +0.2% vs +0.7% y/y expected.

Australia Q3 home price index +5.0% vs +5.0% q/q expected.

China trade balance $71.72B vs $82.75B expected.

Germany October industrial production +2.8% vs +0.8% m/m expected.

U.K. November Halifax house prices +1.0% vs +0.6% m/m expected.

Switzerland November seasonally adjusted unemployment rate 2.5% vs 2.7% prior.

Looking ahead to the rest of the session highlights include German ZEW, EU GDP, U.S. trade balance and Canadian Ivey PMI.

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.