Gold and silver trade up ahead of European opening


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(Kitco News) – Gold and silver both head to European session in positive territory. Gold is up 0.42% while silver is up 0.89% respectively. Across the rest of the commodities complex, copper is trading just above the flat as spot WTI pushed 1.30% in the dark.

In terms of risk sentiment, the Nikkei 225 (-0.03%), ASX (0.57%) and Shanghai Composite (-0.94%) were mixed overnight. Futures contracts in Europe are nevertheless pointing towards a positive opening.

In the forex markets, the greenback is just above the flat (dollar index) but has lost ground against the AUD and CAD. Bitcoin is trading almost 2% higher at $ 44,015.

By watching the main news of the night:

A very close election in Germany saw the SPD come out with a close victory. The Greens and the FDP must play a key role in the process of forming the coalition.

The SPD obtained 25.7% of the vote, while the conservative ruling CDU / CSU bloc obtained 24.1%. The Greens won 14.8% of the vote, the best in their history.

BOJ’s Kuroda said Japan’s economic recovery will become clearer as the impact of the pandemic wears off.

Vitol CEO says global oil demand is still down from 2019 levels.

US President Biden once again says he will levy higher taxes on those who earn> $ 400,000.

U.S. House Speaker Pelosi on Thursday scheduled the vote on the infrastructure bill.

Japan PPI Services for August + 1.0% y / y (expected + 1.2%).

Goldman Sachs raised its oil price projections from $ 80 to $ 90 (year-end Brent).

The US National Hurricane Center warns of “fierce” Sam.

Australian Prime Minister Morrison said states must reopen borders once vaccination targets are met.

Looking ahead to the rest of the session, highlights include US durable goods, comments from ECB Lagarde, Fed Panetta, Evans, Williams, Brainard and BoE Bailey.

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. It is not a solicitation to effect an exchange of 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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