Make Kitco Your Homepage

Gold moves 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) - After rising 0.47% on Wednesday gold is another 0.21% higher leading into Thursday's session. Silver is also 0.16% higher trading at $25.13/oz. In the rest of the commodities complex, copper is 0.29% higher and spot WTI has moved 2.56% into the black.

Risk sentiment was good overnight as the Nikkei 225 (3.46%), ASX (1.05%), and Shanghai Composite (1.40%) all closed higher. Futures in Europe are also pointing towards a positive cash open. 

In FX markets, GBP, AUD, and NZD all moved 0.30% higher against the greenback. In the crypto space, BTC/USD is 0.60% lower on the day. 

News from overnight:

Last night the Fed raised rates by 25bps. A further 6 six hikes are expected in 2022. 

Bank of Japan Governor Kuroda says will keep easing until the inflation target is achieved.

U.K. military intelligence: Russian invasion of Ukraine has largely stalled on all fronts.

U.K. MoD says Russia using weapons is more likely to cause civilian casualties.

India is looking to buy 15m barrels of Russian oil.

France's Foreign Minister says Russia is only pretending to negotiate with Ukraine.

UN Security Council's Western members ask for an emergency Ukraine meeting Thursday.

Australia Feb Employment change +77.4K (expected +37K) & Unemployment 4.0% (expected 4.1%).

Japan Core Machinery Orders for January -2.0% m/m (expected -2.2%).

NZ data - Q4 GDP +3.0% q/q (vs. expected 3.2%).

Looking ahead to the rest of the session highlights include EU CPI, U.S. initial jobless claims, industrial production, BoE rate decision, comments from ECB's Lagarde, Schnabel, and Lane. 

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.