Gold and Silver Head to European Open on a Positive Note


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(Kitco News) – Gold and silver started the week in the spotlight. During the Asian session, the price of the yellow metal once again broke above $ 1,800 / oz but has now settled at $ 1,797 / oz. Copper also looks positive up 1.19% while spot WTI rose 0.26%.

Risk sentiment was mixed overnight, with the Nikkei 225 falling -0.71%, but the ASX (0.34%) and the Shanghai Composite (0.66%) traded well. Futures contracts in Europe point to a positive opening.

In the forex markets, the dollar index is a little softer, but the biggest driver overnight was the AUD / USD which rose 0.23%. In the crypto space, BTC / USD rose 1.18% to trade at $ 61,061.

Japan Final Leading Indicator Index for August 101.3 vs. preliminary 101.8.

The spokesperson for China’s National Health Commission expects the number of new cases of COVID-19 to continue to rise.

Chinese state planner NDRC will meet with some real estate developers on Tuesday.

Chinese President Xi opposes unilateralism, protectionism, hegemony and zero-sum games.

China Evergrande says it has resumed construction work in 6 cities, on more than 10 projects.

A military coup appears to be underway in Sudan.

Saudi Arabia’s Energy Minister said OPEC + should remain cautious about production.

Fed Chairman Powell said he believed it was time to slow down, not raise rates.

The British press announces that Chancellor Sunak will increase the minimum wage.

US Treasury Secretary Yellen says inflation is under control.

US President Biden had a productive conversation with Senators Schumer and Manchin about the “Build Back Better” program.

Chinese magnesium producers in Shaanxi are forecasting export cuts of up to 10%.

Looking ahead to the rest of the session’s highlights include German Ifo and Tenreyro’s comments from the BoE.

Disclaimer: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. This is not a solicitation to trade in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for any loss and / or damage resulting from the use of this publication.


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