Gold and silver trade lower ahead of the European open

LONDON (Aug 10)  Gold (-0.31%) and silver (-0.49%) have moved lower heading into the European open. In the rest of the commodities complex, copper (-0.40%) and WTI (1.06%) have both fallen as there is weakness across the board. 

Risk sentiment was poor in the Asia Pac area as the Nikkei 225 (-0.65%), Shanghai Composite (-0.56%) and ASX (-0.53%) all struggled overnight. Futures in Europe are pointing towards a negative open. 

In FX markets the biggest mover overnight was USD/CHF (-0.10%) in a very quiet session. BTC/USD is trading at $22,953.

News from overnight.

Fed's Bullard says its too early to claim inflation has peaked and the destination is higher.

China is not yet at the stage to discuss how to solve trade issues with Australia.

China COVID-19: Infections rise in Xinjiang and partial lockdowns have been announced.

China's July CPI was 2.7% y/y (vs. expected 2.9%).

Germany July final HICP +8.5% vs +8.5% y/y prelim.

Japan PPI (July) 0.4% m/m (vs. expected 0.4%).

Looking ahead to the rest of the session highlights include U.S. CPI, Chinese M2 money supply, and comments from BoE's Pill, Fed's Evans, and Kashkari. 

KITCO