Gold and silver move higher ahead of the European open

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(Kitco News) – Ahead of the European open gold and silver are both trading higher. The yellow metal is 0.13% higher still just under $1800/oz. Silver is roughly flat at $24/oz. In the rest of the commodities complex, copper fell -0.76% while spot WTI move half a percent into the black. 

On the risk front, the Nikkei 225 (-0.43%), ASX (-0.63%), and Shanghai Composite (-1.10%) all traded in negative territory. Futures in Europe are also pointing towards a negative open. 

In FX markets, the biggest mover was AUD/USD after the RBA announcements, the pair fell over -0.60%. Elsewhere, USD/JPY (-0.28%) also struggled due to the aforementioned risk environment. In the crypto space, BTC/USD continues to hold above $60k to rise 1.31%.

The RBA maintained its cash rate at 0.10% but dropped the April 2024 government bond yield target.

RBA’s Lowe noted, “I think markets have overreacted to recent inflation data”. Lowe also added “There is still considerable uncertainty on wages growth. Lastly Lowe said, “It is now plausible that rate hike could be appropriate in 2023”.

Chinese authorities have urged families to keep stores of daily necessities heading into winter.

Singapore is seeking to lock itself in as a global cryptocurrency hub.

RBNZ Governor Orr says unsustainable house price rises pose a monetary, financial stability challenge.

Australia’s largest population state has accelerated the easing of restrictions.

Australia Consumer Confidence weekly index 108.4 (prior 106.8).

New Zealand Building Permits for September -1.9% m/m (prior +3.8%).

At the COP26 summit, India said it would zero out pollution by 2070. 

Iron ore futures struggled again overnight as shrinking steel output in China continues to affect the price. 

Looking ahead to the rest of the session highlights include EZ manufacturing PMI’s (including Germany), comments from ECB’s Elderson, and earnings season continues. 

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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