Gold and silver trade higher heading into the European open

LONDON (APR 26)  Gold (0.24%) and silver (0.71%) have retraced slightly after both precious metals lost ground on Monday. Gold fell 1.64% while silver dropped 2.32%. In the rest of the commodities complex, copper is trading just under flat and spot WTI is 0.21% higher.

Stocks were mixed last night. The Nikkei 225 rose 0.41% but the ASX (2.08%) and Shanghai Composite (-1.66%) both fell. Futures in Europe are indicating a positive cash open.

In FX markets the U.S. dollar was slightly weaker overnight. The biggest mover was AUD/USD which rose 0.30%. In the crypto space, BTC/USD is 0.14% higher trading at $40,498.

News from ahead of the EU open:

ECB's Kazaks says prefers the first rate hike to come in July.

The US Senate will vote on Brainard's nomination to Vice-Chair of the Fed on Tuesday.

Russia's Lavrov says the risks of a nuclear war are serious and real.

Russia's Lavrov says NATO is engaging in war with Russia.

Russia's Lavrov says the situation in Ukraine will end with a treaty.

Former Japan MoF FX head says does not believe govt wants yen intervention right now.

Japan finance minister Suzuki says no truth to reports to Japan / US joint FX intervention.

PBOC says it will increase prudent monetary policy support.

Beijing has expanded COVID-19 testing to the whole of the city.

The U.K. will cut tariffs on all goods from Ukraine to zero.

New Zealand credit card spending for March 3.4% y/y (vs. expected 0.9%).

Japan March unemployment rate 2.6% (vs. expected 2.7%).

Looking ahead to the rest of the session highlights include U.S. durable goods, NBH policy announcement and earnings continue. Highlights from Alphabet, Microsoft and GM. 

kitco