Gold and silver are trading marginally lower heading into the European open
(Kitco News) - Gold and silver are trading marginally lower leading into the European open. Both precious metals are 0.20% lower with gold trading at $1863/oz. Elsewhere, in the rest of the commodities complex, copper has pushed 0.63% higher and spot WTI has fallen over 1%.
Risk sentiment in the Asia Pac area was mostly negative. The Nikkei 225 (-0.30%) and Shanghai Composite (-0.47%) both struggled but the ASX bucked the trend to trade 0.13% in the black. Futures in Europe are looking flat.
In FX markets, NZD/USD was the biggest mover after the inflation expectation release. The pair jumped 0.68%, while the dollar index fell 0.12%. In the crypto space, BTC/USD has fallen 1.24% overnight.
The U.S. and China reportedly agreed to speak every 3-4 months after Biden and Xi interactions.
Fed's Evans says gas prices are high but so is the stock market. Evans added he is looking for inflationary pressure to fall.
China "carrying out the work of releasing crude oil reserves".
New Zealand 2 year inflation expectation 2.96% (vs. prior 2.27%).
Japan's stimulus package is reportedly set to require ¥55.7 trillion of fiscal spending.
RBA on Cryptocurrencies: "significant amount of hype and misinformation in this area".
Baltic Exchange's dry bulk sea freight index fell to its lowest in more than 5 months.
China Evergrande unit to sell all its shares of Hengsten.
Looking ahead to the rest of the session highlights include U.S. initial jobless claims, Philly Fed data, Turkish and South African rate decisions, and comments from Fed's Williams, Bostic, Daly, Evans, ECB's Lane, and Panetta.
By Rajan Dhall
For Kitco News
Follow rajfx10
rdhall@kitco.comwww.kitco.com