Gold is trading flat ahead of the European open

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(Kitco News) – Gold is trading flat this morning leading into the European open at around $1862/oz. Silver is marginally lower holding at the psychological $25/oz area. In the rest of the commodities complex, copper is half a percent down and spot WTI has risen 0.62%. 

Risk sentiment was mixed overnight. The ASX (-0.67%) and Shanghai Composite (-0.33%) struggled while the Nikkei 225 rose 0.11%. Index futures in Europe are pointing towards a mildly positive cash open.

FX was fairly quiet overnight with NZD/USD the biggest mover only dropping 0.15%. In the crypto space, Bitcoin was volatile as the major fell -4.85% to trade at $60525 this morning.

News from overnight:

China’s state planner says it’ll charge punitive rates on households mining crypto.

RBA Gov Lowe says the RBA will not hike rates to control house prices. He added Underlying inflation at 2.5% would not be enough for a rate hike. Lowe also reiterated there will be no hike to cash rate until wage & inflation criteria are met.

Fed’s Kashkari says FOMC should not overreact to what are likely temporary factors (inflation).

Fed’s Barkin says the infrastructure bill is not a near-term stimulant.

China statement says Xi and Biden spoke about strategic, fundamental issues. As of yet there have been no breakthrough statements.

U.K. October jobless claims change -14.9k vs -51.1k prior.

Looking ahead to the rest of the session highlights include IEA report, U.S. retail sales, industrial production, business inventories, and comments from ECB’s Lagarde, Fed’s Barkin and Daly.

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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