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Gold is holding at higher levels leading into the European open

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(Kitco News) - Gold is flat leading into the European open but this comes after a decent price rise on Wednesday ($1840/oz). Silver is also largely flat and is trading at $24.10/oz. In the rest of the commodities complex, copper is trading 1.30% higher while spot WTI has lost around -0.88% of its value. 

Risk sentiment in the Asia Pac area was mixed overnight. The Nikkei 225 (1.11%) and ASX (0.14%) traded well while the Shanghai Composite fell -0.09%. Futures in Europe are pointing towards a positive open. 

In FX markets, AUD/USD was the winner from the majors climbing 0.42%. The dollar index is down 0.16% as EUR/USD also gained overnight. In the crypto space, BTC/USD is up 1%. 

News from overnight:

China cuts Loan Prime Rates: 1 year to 3.7% (from 3.8%) & 5 year to 4.6% (from 4.65%).

Australia’s drug regulator grants provisional approval to two oral treatments for COVID-19.

U.S. President Biden said that he’s not ready to lift Trump's tariffs on Chinese imports.

China says it imported crude oil from Iran for the first time since December 2020.

China to encourage investment to boost chip supply.

Reports that Man Group is looking into creating a crypto fund for its clients.

U.S. Senator Manchin says has not restarted talks with Biden on Build Back Better program.

U.S. President Biden backs the Fed's likely monetary policy tightening.

U.S. President Biden says will keep working to try to increase the supply of oil.

U.S. President Biden warns Russia not to invade Ukraine.

U.S. President Biden said the job to make sure inflation does not become entrenched lies with the Fed.

Germany December PPI +5.0% vs +0.8% m/m prior.

Australia (December) Employment Change: +64.8K (vs. expected 30.0K).

U.K. RICS house price balance for December +69 (prior 71).

Australia Consumer Inflation Expectations (January) 4.4% (prior 4.8%).

Japan trade balance (December) Y -582.4bn.

Looking ahead to the rest of the session highlights include Norges Bank and CBRT rate decisions, EZ CPI, ECB Minutes, U.S. initial jobless claims, Philly Fed data, U.S. existing homes data, and earnings continue. 


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