Gold and silver are trading modestly higher ahead of the European open

LONDON (Apr 12)   Gold (0.20%) and silver (0.40%) once again trade higher leading into the European open. In the rest of the commodities complex, copper (0.48%) and spot WTI (2.08%) are both also trading in the black. 

Risk sentiment was weak overnight as bond yields continue to move higher. The Nikkei 225 (-1.81%) and ASX (-0.42%) fell while the Shanghai Composite rose 1.45%. Futures in Europe are indicating a weak cash open. 

In FX markets, USD/JPY (0.20%) continued to move higher but the biggest mover overnight was AUD/USD (0.24%). In the crypto space, BTC/USD is 0.91% higher but moved under the $40k level during yesterday's session. 

News from overnight

U.S. Pentagon says cannot confirm Russia's use of a chemical weapon in the Ukraine city of Mariupol.

U.K. Foreign Minister Truss says Putin's use of chemical weapons would be a callous escalation.

Chinese Communist Party National Congress is expected in November this year (not October).

Shanghai has eased its lockdown restrictions for nearly half of the city.

Shanghai reports 23,342 new COVID-19 cases for April 11.

China’s Premier Li Keqiang issued a third warning about economic growth risks.

China has begun approving new video game licenses again. First time since the crackdown.

Germany March wholesale price index +6.9% vs +1.7% m/m prior.

Germany March final CPI +7.3% vs +7.3% y/y prelim.

U.K. March jobless claims change -46.9k vs -48.1k prior.

Japan PPI data for March 2022: +9.5% y/y (vs. expected 9.3%).

Looking ahead to the rest of the session highlights include German ZEW and CPI, U.S. CPI, and comments from Fed's Barkin and Brainard. 

KITCO