Gold and silver consolidate in the Asia-Pac session after rising on Wednesday

Gold & Silver

Editor’s Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today’s must-read news and expert opinions. Sign up here!

(Kitco News) – After a decent session on Wednesday gold has stalled just ahead of $1800/oz to trade at $1792/oz. Silver has broken the psychological $23.00/oz level but trades flat leading into the EU open. Elsewhere in the commodities complex, copper is 1.83% higher and spot WTI has risen 0.70%. 

Risk sentiment was much improved overnight as the Nikkei 225 (1.15%), ASX (0.54%) and Shanghai Composite (0.08%) all closed higher. Futures in Europe are indicating a positive cash open. 

In FX markets, the U.S. dollar index was flat overnight but this does come after a heavy decline on Wednesday. The biggest mover overnight was NZD/USD which rose 0.29%. Bitcoin is up 1% trading at $57,988.

You Might Like

Headlines from overnight:

PBOC Governor Yi Gang says the monetary policy will be prudent, flexible, targetted, reasonable and appropriate.

BOJ’s Noguchi said that there is no big risk of Japan sliding into stagflation. He also added that additional easing may be necessary if the labour market does not improve.

RBNZ Dep Gov Bascand says heightened uncertainties remain, COVID-19 still poses risks.

RBA’s Debelle said the employment market is positive, but not much wage improvement.

Binance cryptocurrency exchange to stop offering peer-to-peer trading in China by the end of 2021.

U.S. hopeful of reaching an agreement with EU regarding steel tariff dispute by month-end.

Fed’ Bowman says prefers taper to begin in November.

Singapore’s central bank tightened its policy slightly overnight. The Monetary Authority of Singapore will raise the slope of the $NEER policy band slightly.

Japan August final industrial production -3.6% vs -3.2% m/m prelim.

China September CPI 0.7% y/y (expected 0.9%) PPI 10.7% (expected 10.5%).

Australian jobs report: Employment Change: -138K (vs. expected -120K).

U.K. RICS monthly house price balance for September 68% (expected 68%, prior 73%).Bullard, Daly, Williams, Harker, Logan, ECB’s Elderson, BoE’s Tenreyro and Mann. There are also some earnings announcements from some big U.S. banks. 

Articles You May Like

After Bitcoin’s All-Time High, What’s Next?
Morgan Stanley says SpaceX’s Starship may ‘transform investor expectations’ about space
Bank of America Securities Believes Meiragtx Holdings (MGTX) Won’t Stop Here
How, Why And Where To Create a Healthy Home Beverage Center
60 Beans To Budgeting – Beethoven’s Coffee Obsession And Money Management Rituals

Leave a Reply

Your email address will not be published. Required fields are marked *