Gold and silver are mixed heading into the European open

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(Kitco News) – Gold (0.12%) is trading marginally higher and silver has dropped -0.18% at the start of the trading week. In the rest of the commodities complex, copper is 0.87% higher while spot WTI has also jumped 1.12%. 

In terms of risk sentiment, the Nikkei 225 (0.22%), ASX (0.25%), and Shanghai Composite (0.19%) all pushed higher but the tech-heavy Hang Seng is down 2.15% due to a crackdown in China. Futures in Europe are going towards a positive open for the Dax and FTSE 100. 

In FX markets, the dollar index is 0.15% higher as EUR/USD dropped -0.22%. In the crypto space, BTC/USD dropped below $45k to trade at $44,821.

News from the weekend and overnight:

North Korea fired test missiles that hit targets 1.5km away, according to reports.

In the U.S. Fed’s Harker says FOMC should start tapering soon, hopefully, this year.

US Senator Manchin says he will not vote for a 3.5tln plan.

Germany August wholesale price index +0.5% vs +0.8% m/m expected.

China issues further orders to tech firms including Alibaba, Tencent, ByteDance, Baidu. China calls on Internet companies to put an end to the “walled gardens”. There were also reports that China wants to break up Jack Ma’s Ant Group’s Alipay.


China’s Industry Minister says chip shortage to persist for a while.

New Zealand PM Ardern says Auckland to move to level 3 alert from 22 September.

ANZ New Zealand business survey, preliminary for September, business confidence -7 and activity 18.

Japan PPI for August 0.0% m/m (vs. expected 0.2%.

NZ data – August Food Price Inflation Index +0.3% m/m. The fifth rise in a row.

US House Democrats considering a 26.5% corporate tax rate.

South Africa is easings its COVID-19 restrictions as the current wave recedes.

Looking ahead to the rest of the session highlights include comments from ECB’s Lagarde, Schnabel and the OPEC monthly report.


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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