Gold and silver are mixed heading into the European open
(Kitco News) - Gold is trading lower heading into the European open. The price of the yellow metal has fallen -0.36% to reach $1825/oz. Silver is trading flat at $24.29/oz. In the rest of the commodities complex, copper is 0.39% higher and spot WTI has dropped a quarter of a percent.
Risk sentiment was pretty poor overnight. The Nikkei 225 (-0.61%), ASX (-0.14%) and Shanghai Composite (-0.41%) all traded lower overnight. European index futures are indicating a slightly positive cash open.
In FX markets, the dollar index traded 0.17% higher overnight and the antipodeans suffered. AUD/USD (-0.25%) and NZD/USD (-0.32%) were the biggest losers out of the major currency pairs. In the crypto space, BTC/USD retraced slightly from the highs to trade at $66,575.
China's President Xi and US President Biden will meet next week. Virtual summit.
Fed’s Bullard says he is expecting two rate hikes next year.
China state media to give a briefing on Plenum outcome on Friday.
China launched a sale of euro-denominated sovereign bonds, to raise EUR 4bn.
BoE's Bailey said the central bank's mandate is hierarchical and that price stability comes first.
White House Economic Advisor Brian Deese says expects a vote next week on a larger infrastructure package.
German October final CPI +4.5% vs +4.5% y/y prelim.
China October CPI 1.5% y/y and PPI 13.5% y/y. The fastest increase in more than a year.
Australian Westpac Consumer Confidence Index for November +0.6% m/m (prior -1.5%).
Looking ahead to the rest of the session highlights include U.S. CPI, initial jobless claims, and comments from ECB's Elderson.
By Rajan Dhall
For Kitco News
Follow rajfx10
rdhall@kitco.comwww.kitco.com