Make Kitco Your Homepage

Gold and silver trade marginally higher ahead of 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 is trading marginally higher after a third consecutive positive close. The yellow metal is now trading at $1826/oz ahead of the European open. Silver is also trading slightly higher and has broken through the psychological $23/oz level. In the rest of the commodities complex, copper (-0.44%) and spot WTI (-0.66%) lost value overnight. 

It was a mixed session for the indices overnight. The Nikkei 225 (-0.96%) and Shanghai Composite (-1.17%) fell while the ASX (0.48%) managed to trade nearly half a percent higher. Futures markets in Europe are indicating a slightly negative open. 

There was some movement in FX markets overnight. EUR/USD and GBP/USD rose around 0.19% and the biggest mover was NZD/USD which rose 0.30%. In the crypto space, BTC/USD fell -0.60% but trades at $43,674.

News from overnight:

Fed's Harker: I'd be open to more than three rate hikes this year if that's required.

Fed's Daly says liftoff rate hike could be as soon as March. Daly added its time to begin removing some policy accommodation.

China 2022 GDP is expected around 5.5% in 2022 according to the Chinese Academy of Sciences' Center for Forecasting Science.

China says both teams are maintaining normal communication on the US-China Phase One trade deal

Tokyo has confirmed it is increasing its coronavirus alert level to the second-highest level.

Coinbase plans to purchase derivatives exchange FairX.

Chinese vice-premier calls for tougher action in Omicron and Delta coronavirus hotspots.

Indonesia has eased its coal export ban, has allowed 37 coal vessels to depart.

International Energy Agency says Russia is contributing to an undersupply of gas to Europe.

There is said to be congestion at the worlds largest shipping port in China. This comes after a COVID-19 outbreak. 

Looking ahead to the rest of the session highlights include U.S. initial jobless claims, U.S. PPI, comments from ECB's de Guindos, Hakkarainen, Elderson, Fed's Harker, Brainard, Barkin, and Evans. 

 

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.