Gold and silver move lower ahead of the European open

 LONDON (SEPT 1) Gold (-0.28%) has once again opened lower as it heads to the technical support level of $1681/oz. Silver (-1.00%) is also struggling and trades at $17.79/oz. In the rest of the commodities complex, copper is 1.12% lower but spot WTI has risen 0.25%. 

In risk markets, the Nikkei 225 (-1.53%), ASX (-2.02%) and Shanghai Composite (-0.49%) all struggled overnight. Futures in Europe are pointing towards a weak cash open. 

In FX markets, the Japanese Yen hit its lowest level against the U.S. dollar since 1998 overnight. In addition to that, GBP/USD also moved lower to hit 1.1569 a level not seen since March 2020. 

News from overnight:

Fed's Logan says the Bank's number one priority is to restore price stability.

China's Chengdu and its 21 million population enters lockdown.

Toyota to hike the price of steel supplies for parts makers by up to 30%.

China Markit Manufacturing PMI plunges into contraction: 49.5 in August (expected 50.2).

Japanese August Manufacturing PMI 51.5 (preliminary was 51.0).

Australia's 2nd Manufacturing PMI for August 53.8 (prior 55.7).

Germany July retail sales +1.9% vs 0.0% m/m expected.

Switzerland August CPI +3.5% vs +3.4% y/y expected.

U.K. August Nationwide house prices +0.8% vs +0.1% m/m expected.

Australian Q2 Capex -0.3% q/q (expected +1.5%).

Japan data, Q2 Capex +3.9% q/q and +4.6% y/y.

Looking ahead to the rest of the sessions highlights include EZ, U.K. & U.S. manufacturing PMI data, EZ unemployment, U.S. ISM, U.S. construction spending, and comments from Fed's Bostic. 

KITCO