Gold and silver trade lower heading into the European open

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(Kitco News) – Gold and silver are starting the session on the back foot. The yellow metal has now moved down to $1772/oz, while silver trades at $21.2/oz. In the rest of the commodities complex, copper and spot WTI are 0.29% higher.

The risk sentiment was pretty poor overnight. The Nikkei 225 (-1.00), ASX (-0.42%) and Shanghai Composite (-0.18%) all traded negatively. Futures in Europe are also pointing towards a negative cash open. 

FX markets were pretty slow overnight. The biggest mover was USD/CHF which rose 0.19%. In the crypto space, BTC/USD traded nearly 1% higher to reach $47,800.

U.S. Economic Adviser Deese said the U.S. CPI reading today will not reflect recent price moved.

Japan finance minister Suzuki says important to follow up on higher wages.

Japan PM Kishida says must be mindful of downside risks to the economy.

Fitch downgrades Chinese property firms Evergrande and Kaisa to ‘restricted default’.

The U.S. Senate votes 59-34 to framework to raise the debt ceiling next week.

A U.S. oil export ban is not on the table and not under active consideration at this time, according to the White House aministration.

Biden said the US is preparing “additional measures” against Iran as nuclear talks falter.

Beer is being rationed in Australia due to supply chain disruption.

Toyota has shut down production lines at two assembly plants due to supply chain problems.

Japanese November PPI +0.6% m/m (vs. expected 0.3%) & +9.0% y/y (expected 8.5%).

Germany November final CPI 5.2% vs 5.2% y/y expected.

U.K. October monthly GDP 0.1% vs 0.6% m/m expected.

NZ retail card spending for November +9.6% m/m (prior +10.1%).

NZ manufacturing PMI for November 50.6 (vs. prior 54.3).

Looking ahead to the rest of the session highlights include U.S. CPI, U.K. GDP, University of Michigan survey, comments from ECB’s Pannetta, Lagarde, Elderson, Villeroy and Weidmann.


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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