Gold and silver dip slightly heading into the European open

London (Oct 27)   Gold and silver have pushed lower overnight heading into the Europen open. The yellow metal has dipped back below $1800/oz while silver is trading at $24/oz. In the rest of the commodities complex, both copper (-1.19%) and spot WTI (-0.89%) struggled also in a tough session for commodities.

Risk sentiment was mixed in the Asia Pac session. The Nikkei 225 (-0.03) and Shanghai Composite (-0.18%) closed lower while the ASX (0.07%) just about kept its head above water. Futures in Europe are pointing towards a moderately negative open. 

In FX markets, AUD/USD (0.37%) was the biggest mover after the inflation data and the U.S. dollar index fell -0.10%. Bitcoin moved marginally higher and now trades at $60,757.

Major news from overnight:

U.S. authorities have revoked the authorization for China Telecom to operate in U.S..

Chinese Industrial Profits for September +16.3% y/y (prior +10.1%).

Australian Q3 inflation 0.8% q/q (vs. expected 0.8%).

The U.K. reported its highest daily death toll from coronavirus since the beginning of March.

Germany September import price index +1.3% vs +1.5% m/m expected.

Germany November GfK consumer confidence 0.9 vs -0.5 expected.

U.K. BRC Shop Price Index for October -0.4% y/y (prior -0.5%).

Looking ahead to the rest of the session highlights include U.S. durable goods orders, BoC rate decision, and the U.K. budget.

KitcoNews