Gold and silver move higher ahead of the European open

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(Kitco News) – Gold has moved 0.46% higher overnight to almost pare all of the losses suffered on Thursday. The yellow metal is now trading at $1787/oz. Silver has also moved higher during the Asia Pac session and trades at $23.0/oz. In the rest of the commodities complex, copper found support at $3.95/lb and trades above the $4/lb mark again and spot WTI trades 0.34% higher.

Risk sentiment was still poor overnight as the Nikkei (-0.98%), Shanghai Composite (-1.30%) and ASX (-0.05%) all moved lower. Futures in Europe are showing a mixed picture as the FTSE is higher but the DAX is looking pretty negative.

In FX markets, the biggest move came in USD/CAD which moved 0.31% higher. Beyond that AUD/USD is still extending on losses and trades at 0.7130. In the crypto space, BTC/USD has pushed higher again and is training at $47,126.

Looking at the major news from overnight, the national lockdown in New Zealand has been extended to August 24 but all cases now appear to be linked.

Germany July PPI +1.9% vs +0.8% m/m expected.

UK July retail sales -2.5% vs +0.4% m/m expected.

Japan national headline CPI for July 2021 -0.3% y/y vs. expected +0.6%.

A date for the diary, Fed Chair Powell’s Jackson Hole speech has been scheduled for August 27th.

A personal information protection law was passed in China. There will now be consultations with large internet-based firms looking to implement steps.

U.S. Treasury Secretary Yellen said it could be possible that some states need extra support after the current employment support schemes expire.

Looking ahead to the rest of the session highlights include Canadian retail sales and comments from Fed’s Kaplan. 

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.

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