Gold and silver both move lower ahead of the EU open

London (Oct 6)  Leading into the European open both gold and silver have moved lower. The yellow metal trades -0.43% in the red while silver has dropped -0.85%. In the rest of the commodities complex, copper fell -0.65% while spot WTI managed to climb 0.35%.

Once again risk sentiment was weak overnight. The Nikkei 225 (1.05%) and ASX (-0.58%) both dropped while the Chinese bourses are set to open tomorrow. Futures in Europe are also pointing towards a negative cash open this morning. 

In FX markets, the U.S. dollar index is trading 0.20% higher with NZD/USD (-0.63%) dropping the most overnight. Bitcoin has breached the $50k mark to trade 0.34% higher this morning. Elsewhere, U.S. yields are on the rise again with the 10-year above 1.55% and the 30-year hitting its highest level since June.

The White House commented that President Biden has confidence in Fed Chair Powell at this time. 

Germany August factory orders -7.7% vs -2.1% m/m expected.

France's Le Maire says the government may intervene if energy prices continue to soar.

RBNZ appoints Christian Hawkesby as the new Deputy Governor. RBNZ hike the cash rate by 0.25%, as expected. The RBNZ also noted that a further removal of monetary policy stimulus is expected over time. 

Bank of Japan Governor Kuroda says Japan's economy has picked up.

US President Biden says China's President Xi has agreed to abide by the Taiwan agreement.

Around 450,000 tonnes of Australian coal has been unloaded in China.

SEC head Gensler says the US won't ban cryptocurrencies.

Looking ahead to the rest of the session highlights include EZ retail sales, U.S. ADP, U.K. & German construction PMI, and comments from Fed's Bostic and ECB's McCaul. 

KitcoNews