Gold and silver have fallen ahead of the European open

LONDON (Mar 10)  Gold (-0.63%) has retraced somewhat over the last two sessions to trade at $1979.51/oz ahead of the European open. Silver (-1.54%) is also trading lower and is holding at $25.3/oz. In the rest of the commodities complex, copper is 0.56% higher and spot WTI has risen 1.55%.

Risk sentiment was positive overnight as the Nikkei 225 (3.94%), ASX (1.10%), and Shanghai Composite (1.22%) all pushed higher. Futures in Europe are looking mixed despite the positive risk tone overnight. 

The biggest mover in FX markets was AUD/USD which rose 0.30%. USD/JPY also pushed higher by 0.20%. In the crypto space, BTC/USD dropped 6.40%. 

News from overnight:

Russia drops its tax on purchases of gold to zero.

U.S. House has voted to provide US$13.6bn in aid to Ukraine.

The majority of U.S. House members voted for the bill to ban the purchase of Russian oil, energy sources.

U.S. Pentagon says discussed continued provision of defensive security with Ukraine

U.S. Sec State Blinken discussed more security assistance for Ukraine with the foreign minister.

U.K.'s Truss to say Russia's invasion of Ukraine is a paradigm shift on the scale of 9/11.

White House warns that Russia are possibly going to use chemical and biological weapons in Ukraine.

South Korea has elected a new President. Yoon Suk-yeol is the conservative candidate who won the tightly contested race.

RBA Deputy Governor Debelle is resigning as of March 16.

Goldman Sachs is looking at ways to ramp up its crypto offerings.

Australian inflation forecast raised towards 5% y/y.

U.K. RICS House Price Balance for February 79% (expected 72%, prior 74%).

Japanese February PPI 9.3% y/y (expected +8.7).

Looking ahead to the rest of the session highlights include U.S. CPI, ECB rate decision, Russia and Ukraine talks, and the EU leaders summit. 

kitco