Gold and silver move higher overnight as geopolitical issues escalate

LONDON (Feb 22)  Gold (0.48%) pushed higher once again overnight as developments with Russia and Ukraine sent the safe haven higher. Silver also moved higher overnight and is 1.39% in the black leading into the European open. In the rest of the commodities complex, copper is trading flat and spot WTI has dropped 0.45%. 

Stocks were understandably weak overnight. The Nikkei 225 (-1.71%), Shanghai Composite (-0.96%) and ASX (-1.00%) all traded lower. Futures in Europe are also pointing towards a negative cash open. 

FX markets were pretty cagey as the majors all traded withing their ranges. The biggest mover overnight was NZD/USd which rose 0.16%. In the crypto space, BTC/USD took another tumble to trade at $36,675 this morning.

News from overnight:

Russia's Putin recognizes Luhansk and Donetsk as independent.

U.S. to announce new sanctions on Russia on Tuesday, will co-ordinate with allies.

U.K.'s Javid: We will be introducing sanctions on Russia.

Russia says open to talks and diplomacy, when asked on possible Lavrov-Blinken talks.

U.S. has ordered all remaining State Department personnel out of Ukraine.

Australia pulls diplomats out of Ukraine citing increased risks to safety.

Ukraine repeats its border will remain unchanged regardless of Russian announcements.

The PBOC is urging banks in Shanghai to increase lending for mortgages and to developers.

China's finance minister says will strengthen cooperation between fiscal & monetary policy.

Japan PPI Services for January 1.2% y/y (vs. expected 0.7%).

Looking ahead to the rest of the session highlights include German IFO, U.S. flash PMI's, comments from Fed's Bostic, and BoE's Ramsden.

KITCO