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Gold and silver trade lower ahead of the European open

Kitco Media
By Rajan Dhall
Published
Updated
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(Kitco News) - Gold (-0.31%) and silver (-0.49%) have moved lower heading into the European open. In the rest of the commodities complex, copper (-0.40%) and WTI (1.06%) have both fallen as there is weakness across the board. 

Risk sentiment was poor in the Asia Pac area as the Nikkei 225 (-0.65%), Shanghai Composite (-0.56%) and ASX (-0.53%) all struggled overnight. Futures in Europe are pointing towards a negative open. 

In FX markets the biggest mover overnight was USD/CHF (-0.10%) in a very quiet session. BTC/USD is trading at $22,953.

News from overnight.

Fed's Bullard says its too early to claim inflation has peaked and the destination is higher.

China is not yet at the stage to discuss how to solve trade issues with Australia.

China COVID-19: Infections rise in Xinjiang and partial lockdowns have been announced.

China's July CPI was 2.7% y/y (vs. expected 2.9%).

Germany July final HICP +8.5% vs +8.5% y/y prelim.

Japan PPI (July) 0.4% m/m (vs. expected 0.4%).

Looking ahead to the rest of the session highlights include U.S. CPI, Chinese M2 money supply, and comments from BoE's Pill, Fed's Evans, and Kashkari. 

Kitco Media

Rajan Dhall

Rajan Dhall is a financial analyst that has been in the trading industry since 2009. From working in Canary Wharf (London) as a head trader to becoming a journalist on a real-time news desk, Rajan has worked his way through many positions in the financial sector. The main area of Raj's expertise lies in technical and statistical analysis. Rajan currently lectures technical analysis with the Society of Technical Analysts (STA) at the London School of Economics. One of the main areas Rajan has based his analysis on is probability. Raj completed his certification (probability) with Harvard and regularly uses probability theories in his analysis as he feels it helps him add value to his clients and customers.

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