Gold takes a dip in Asia

Gold & Silver

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(Kitco News) – Gold and silver have moved lower overnight in the Asia Pac session. The yellow metal trades half a percent lower at $1725/oz, while silver has moved 0.76% in the red to trade under the $25/oz psychological level.

Markets were closed in Australia and New Zealand but Japanese and Chinese markets remained open. Risk sentiment was pretty positive as the Nikkei 225 moved 0.79% in the black and the Shanghai Composite was marginally behind at 0.52%.

In FX markets, it is not really too surprising that there was not too much moved meant but the most volatile pair was USD/CHF which pushed 0.21% higher. Elsewhere in the commodities complex, copper pushed up over 1% and spot WTI fell 0.90%.

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In regards to news, It was reported in the Nikkei that Chinese COVID-19 cases are on the rise again. New COVID-19 cases are at their highest in 2 months, due to some infections at the border with Myanmar.

John Kerry says Biden’s ambitious climate plan is ‘not a counter to China’. He stated, “No one nation can solve this problem by itself. Each of us need everybody else at the table to make this happen,”.

According to CFTC data, money managers in the gold, silver and copper markets cut their net long futures and options positions in the latest week.

On the data front, Japanese services PMI for March hit 48.3 vs estimates of 46.3. Today in the US session, the market will get the latest ISM and non-ISM services and composite PMI numbers. 

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