Gold and silver are mixed ahead of the European open

LONDON (Apr 1)  - Gold (-0.20%) is trading marginally lower leading into the European open at $1932.71/oz. Silver on the other hand is 0.06% higher ($24.77/oz). Elsewhere in the commodities complex, copper has fallen 1% and spot WTI is just over 2% in the red. 

Risk sentiment was mixed overnight, the Nikkei 225 (-0.56%) and ASX (-0.08%) fell while the Shanghai Composite rose 0.88%. Futures in Europe are indicating a weak cash open. 

In FX markets, USD/JPY continued on its upward trajectory after a brief retracement over the last few sessions. Elsewhere, NZD/USD fell 0.26%. Looking at the crypto space, BTC/USD fell 1.62% to reach $44,794.

News from overnight:

Ukraine President Zelensky on the situation in parts of Ukraine remains extremely difficult.

Russia says it will respond to EU sanctions, warns the EU on confrontation with Russia.

Japan says it is not exiting Sakhalin-1 and -2, Arctic-2 oil and gas projects with Russia.

The new RBA Deputy Governor is Michele Bullock.

Switzerland March CPI +2.4% vs +2.4% y/y expected.

China's Caixin Manufacturing PMI for March 48.1.

Australian March Home loans -3.7% m/m (expected +1.5).

Japan manufacturing PMI for March 54.1.

BOJ Tankan Q1 2022 Large Manufacturers index +14 (expected +12).

Australia (final) Markit Manufacturing PMI rises to 57.7.

Australia AiG Manufacturing PMI rises to 55.7 in March.

Looking ahead to the rest of the session highlights include manufacturing PMIs from the EU and U.K., U.S. NFP, China and EU summit, ISM manufacturing, and comments from Fed's Evans. 

KITCO