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Gold and silver edge lower ahead of the European open

January 26, 2022

London (Jan 26)  Gold is trading marginally lower (-0.12%) after holding on to gains yesterday the yellow metal is trading at $1845/oz. Silver however is heading into the European open softer (-0.50%) after suffering three straight negative closes. In the rest of the commodities complex, both copper (0.81%) and spot WTI (0.50%) traded well overnight. 

Indices in the Asia Pac area were mixed overnight. The Nikkei 225 (-0.44%) and ASX (-2.49%) dropped while the Shanghai Composite (0.66%) pushed higher. Futures in Europe are pointing towards a positive open. 

FX markets were pretty quiet but USD/CAD fell -0.23%. Elsewhere in cryptocurrencies, BTC/USD moved 0.94% higher.

News from overnight:

China Evergrande to hold investor call on Wednesday it has been said that the firm is seeking more time.

The U.S. house speaker Pelosi released the China competitiveness bill. The bill was focused on semiconductors and investments. 

Ukrainian envoy to Japan says full-scale war is very difficult to expect.

Samsung semiconductor manufacturing facilities in Xian, China, return to normal operation.

The BoJ Summary of Opinions noted that inflation inched up but super-loose policy still needed.

U.S. warns of targetting sanctions personally against Putin if Ukraine invaded.

Japan PPI for December 2021 1.1% y/y (vs. expected 1.1%, prior 1.1% y/y).

Looking ahead to the rest of the session highlights include the FOMC and BoC policy announcements and earnings continue.


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