Gold and silver prices are flat leading into the European open

London (May 11)  Gold and silver are trading flat leading into the European open this morning. The yellow metal is traded at $1835/oz while silver stopped just ahead of $27.90/oz before falling to $27.35/oz. Copper is trading another 1.68% higher but not near the high of $4.87/lb of yesterday. 

In the indices, there was a pretty big sell-off in the Nikkei which dropped -3.04% and the ASX also fell but only around -1.06%. In China, things were much better as the Shanghai Composite rose 0.37% and the A50 also pushed 1.17%. 

In FX markets, there was a lack of movement overnight. The dollar index is trading flat and the biggest mover was NZD/USD which rose 0.10%. 

Looking at some of the news from overnight, China inflation figures for April hit 0.9% y/y (vs. expected 1.0%) & PPI 6.8% y/y (expected 6.5%).

ECB's Villeroy stated that the ECB will continue with PEPP at least until March 2022. 

ECB's Schnabel says German inflation could be above 3% this year, but the ECB is not concerned.

Fed's Kaplan said it's good to start talking taper sooner rather than later.

Fed's Daly said she was not disappointed in Friday's jobs numbers as she knew there would be some volatility. Fed's Evans said he was surprised and the disappointment would only be a one-month blip.

UK researchers say the country's vaccine rollout has cut the risk of dying from COVID-19 by up to 97%.

US Republican negotiators indicate they are willing to support higher infrastructure spending.

China's latest census data showed that the population in the nation stands at 1.41bln and that the population increase in 10 years was 5.38% vs 5.84% prior. 

Looking ahead to the rest of the session highlights include German ZEW data, OPEC monthly report, EIA monthly report, U.S. Jolts data and comments from BoE's Bailey, Fed's Williams, Brainard, Daly, Bostic and Harker.

KitcoNews