Gold and silver trade higher leading into the European open
(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.