Gold and silver trade marginally lower ahead of the European open

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(Kitco News) – After another tough session on Tuesday the gold price trades at $1768/oz, -0.13% lower ahead of the European open. Silver has dipped below $22/oz to trading -0.18% down. In the rest of the commodities complex, copper has lost -1% and spot WTI just over half a percent. 

Risk sentiment overnight was not great as the ASX (-0.70%) and Shanghai Composite (-0.38%) both fell. The Nikkei bucked the trend to trade 0.10% higher after another BoJ cash injection. Futures in Europe are pretty flat leading into the open.

FX markets are pretty quiet leading into the FOMC rate decision later on but that is as expected. In the Crypto space, BTC/USD is trading at $48,238 marginally lower.

News from overnight:

U.S. House approves a $2.5 trillion debt ceiling increase. The debt limit will be increased to $31.4 trillion from $28.9 trillion.

U.K. Lawmakers passed a vote to make COVID-19 passes mandatory for entering large venues and large events. 98 Conservative MP’s rebelled against the decision but it still passed.

Bank of Japan Governor Kuroda sees a chance consumer inflation will approach 2%.

Japan PM Kishida says he is not considering cutting the sales tax.

The Bank of Japan has injected cash into markets for the 3rd day in a row.

Canada cuts its forecast for 2021/22 deficit citing stronger economic performance.

New Zealand YTD current account balance is -4.6% of GDP, expected -4.5%.

U.K. November CPI +5.1% vs +4.7% y/y expected.

Japan Tertiary Industry Index for October 1.5% vs. exp 1.2% & prior 0.5%.

Chinese Industrial Production (YoY) (Nov) 3.8% vs exp 3.6% prior 3.5%.

Chinese  Retail Sales (YoY) (Nov) 3.9% vs exp 4.6% prior 4.9%.

Chinese November new home prices -0.3% m/m prior -0.2%.

Looking ahead to the rest of the session highlights include Canadian inflation, U.S. NY Fed manufacturing, retail sales, and the FOMC announcements. 


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