(Kitco News) – Gold has managed to keep some of its momentum going after the price rise during yesterday’s U.S. session. The price is now hovering around $1854/oz at its highest level since 16th June. Silver is also trading well but remains under the $25/oz psychological level. Elsewhere in the commodities complex, both copper (1.15%) and spot WTI (0.22%) are trading higher in a good session for the commodities markets.
Risk sentiment was pretty strong overnight although the ASX (-0.57%) bucked the trend and struggled. The Nikkei 225 (0.59%) and Shanghai Composite (1.15%) both pushed higher. Index futures are pointing towards a positive cash open.
In FX markets, the biggest mover was NZD/USD which dropped -0.27%. Most of the majors moved lower against the dollar. In the crypto space, BTC/USD has moved 0.65% higher to trade at $65,331.
News from overnight:
Manchin could hold Biden’s Build Back Better agenda until next year over inflation worries.
Bank of England says it’s still on track for rate hikes.
Governing Council member Robert Holzmann said the European Central Bank could stop buying bonds as early as next September if inflation looks to have sustainably returned to the official target.
The newly appointed Japanese foreign minister says it is important to build ties with China.
U.K. Q3 preliminary GDP +1.3% vs +1.5% q/q expected, U.K. September monthly GDP +0.6% vs +0.4% m/m prior.
U.K. RICS house price balance 70% (expected 68%, prior 68%).
Australia – October jobs added: -46.3K (vs. +50K expected) & Unemployment rate 5.2% (4.8% expected).
Japan October PPI +1.2% m/m (expected +0.4%).
New Zealand Food Price (inflation) for October -0.9% m/m (prior 0.5%).
Looking ahead to the rest of the session highlights include the OPEC monthly report and comments from ECB’s Lane and Schnabel. In the U.S. it is a bank holiday for Veterans Day.