Gold has dipped below $1800/oz ahead of the European open

London (Jan 7)  Gold dipped below $1800/oz and is trading flat heading into the European open. Silver is another half a percent in the red at $22/oz. In the rest of the commodities complex copper and spot WTI gained 0.20%. 

Indices overnight were mixed with a negative tilt. The ASX rose 1.29% but the Shanghai Composite (-0.18%) and Nikkei 225 (-0.03%) both closed in negative territory. Futures in Europe are pointing towards a flat open.

In the FX markets, it was very quiet overnight with USD/JPY (0.11%) the biggest mover. In the crypto space, BTC/USD (-3.46%) took another dive to trade below $42,000. 

News from overnight:

Fed's Bullard said the first Fed rate hike could come in March and the balance sheet runoff could come shortly after.

China's Securities Journal reported that China may still ease policy in Q1 of 2022 despite hawkish Fed rhetoric.

China calls for banks to boost property loans amid default fears.

China plans to encourage state-led property M&A.

Australia's largest population state announces new COVID restrictions.

Coronavirus restrictions tightened in the Chinese city of Shenzen.

Moderna CEO says people may need a 4th Covid shot.

Germany November trade balance €10.9 billion vs €12.5 billion prior.

U.K. December Halifax house prices +1.1% vs +0.7% m/m expected.

Germany November industrial production -0.2% vs +1.0% m/m expected.

Switzerland December seasonally adjusted unemployment rate 2.4% vs 2.5% prior.

Looking ahead to the rest of the session highlights include U.K. construction PMI, EZ CPI, EZ economic sentiment, comments from Fed's Barkin, Bostic, and Daly. We will also be getting the latest jobs data from Canada and the U.S. (NFP). 

KitcoNews