Gold and silver are mixed heading into the European open

London (Nov 24)  Gold has moved slightly higher heading into the European session but this is largely a retracement from the fall seen over the last two sessions. The yellow metal is now trading at $1792/oz. Silver is -0.35% lower trading at $23.57/oz the lowest it has been trading since early November. In the rest of the commodities complex, copper is trading 0.24% higher and spot WTI is 0.27% in the black. 

Risk sentiment was mixed overnight. The Nikkei 225 (-1.58%) and ASX (-0.15%) both fell while the Shanghai Composite rose 0.10%. Futures in Europe are pointing towards a moderately positive cash open.

In FX markets, NZD/USD was the biggest mover falling just over half a percent. In the crypto space, BTC/USD fell another -1.66% to trade at $56,581.

Headlines from overnight:

China vice commerce minister says will introduce new measures to stabilize trade, in due course.

Japan says there is no decision on the timing of the sale of oil reserves.

RBNZ raises its cash rate by 25bps, as expected. RBNZ Governor Orr said the reopening of the New Zealand border does not change the policy outlook.

China financial press reports analysts believe PPI has likely peaked due to fall in coal prices.

The new head of Germany's Bundesbank will be chosen this week.

Japanese Manufacturing PMI 53.5 (vs. expected 54.5).

Australia Construction work done for Q3 -0.3% q/q (vs. expected -3.1%).

Singapore Q3 GDP +7.1% y/y (vs +6.5% expected).

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