Gold and silver are mixed ahead of European open, however by 07:15am the POG SOARS
LONDON (Sept 12) Gold (-0.18%) and silver (0.77%) are mixed this morning ahead of the European cash market open. In the rest of the commodities complex, copper (-0.27%) and spot WTI (-0.52%) both trade in negative territory.
In the Asia Pac area, Chinese bourses were closed but the ASX (1.02%) and Nikkei 225 (1.12%) closed higher. Futures in Europe are indicating a positive cash open.
In FX markets, the biggest mover is USD/JPY which has risen 0.60%. EUR/USD has pushed 0.50% higher too with some mixed USD price action. In the crypto space, BTC/USD trades at $21,711.
News from the weekend and overnight:
Beijing found 14 new COVID-19 confirmed cases among quarantined individuals on Sunday.
ECB policymakers see a growing probability of rates moving to "restrictive territory".
ECB's Elderson says further rate hikes are ahead despite risks to the economy.
ECB's Nagel signals further rate hikes as inflation will hit a far-too-high level.
Chinese markets were closed on Monday due to a public holiday.
Biden plans to broaden curbs on US shipments to China of semiconductors.
Sweden's election could go either way, PM Andersson says will not have a result tonight.
White House officials have grown increasingly alarmed over Russia / Europe's energy crisis.
Yellen said gasoline prices could spike when the EU significantly cuts buying Russian oil.
Russian forces have pulled back from key areas in Ukraine after a Ukrainian counter-offensive.
U.K. July monthly GDP +0.2% vs +0.4% m/m expected.
Looking ahead to the rest of the session highlights include ECB survey of analysts, comments form CEB's Schnabel and de Guindos.
HOWEVER BY 07:15am EST, THE YELLOW METAL SOARS $15 TO $1728.
