(Kitco News) – Both gold and silver have moved marginally higher ahead of the European open this morning. The yellow metal is 0.08% higher while silver is 0.20% in the black. Looking at the rest of the commodities complex, copper and spot WTI have risen 0.23%.
In terms of risk sentiment, markets were mixed overnight. The Nikkei 225 (0.33%) and Shanghai Composite (0.69%) moved higher but the ASX dropped -0.55%. Futures in Europe are pointing towards a negative open.
In FX markets, there was barely any movement overnight. The dollar index traded flat and the biggest mover was AUD/USD which rose 0.18%. Bitcoin has moved higher and looks set to attack the $50K area once again.
Looking at some of the news stories from overnight, New York City has declared a state of emergency due to Hurricane Ida.
BOJ’s Kataoka said BOJ must ramp up bond purchases to push down short, long-term rates. Kataoka added that the economic recovery is not fast enough.
Australia trade balance for July 12.1 bn AUD surplus (expected surplus of 10.2bn).
Japan’s ruling party contender Kishida promises further fiscal support for the economy.
The White House is said to be happy that OPEC is continuing with gradual increases to oil output.
Chile will seek $150bln of investment to achieve its copper output target of 9mln tonnes by 2050. It also expects to hit the 70mln tonne mark by 2030 which will depend on 70% of proposed projects coming to fruition.
Looking ahead to the rest of the session highlights include Eurozone PPI, U.S. Challenger layoffs, U.S. initial jobless claims, U.S. & Canadian trade balance, and comments from Fed’s Daly and Bostic.