Gold and silver slip back ahead of the European open

LONDON (Mar 15)  Gold has dropped another 0.87% over hit $1933.50/oz. Silver is around 1% lower trading at $24.80/oz. In the rest of the commodities complex, copper is trading flat after a tough few sessions and spot WTI is 4% lower and back through $100/bbl. 

In the Asia Pac area, the Shanghai Composite (-4.95%) and ASX (-0.73%) struggled with the Nikkei 225 rose 0.15%. Futures in Europe are pointing towards a negative cash open. 

In FX markets, EUR/USD is the biggest mover overnight rising 0.65%. In the crypto space, BTC/USD fell 3.17% to reach $38,417.

News from overnight:

Ukraine's President Zelensky says negotiations with Russia will continue on Tuesday.

China refutes the claim that Russia had asked Beijing for military help.

The White House warned there will be serious consequences if China provide assistance to Russia.

U.S. Senator Rubio says Russia does not have the morale, manpower to take Kyiv at present.

Unconfirmed rumors of a possible cruise missile strike in Kyiv.

CNBC reports that NATO leaders are discussing having an extraordinary meeting next week.

Russia has finalized its ban on grain and sugar exports.

Chinese international flights will be diverted away from Shanghai city until May 1st.

Binance has received licenses to be a crypto service provider in Dubai and Bahrain.

U.K. February jobless claims change -48.1k vs -31.9k prior.

New Zealand services PMI for February 46.5 (prior 45.9).

Australian weekly consumer confidence 95.8 (prior 100.1).

Looking ahead to the rest of the session highlights include German ZEW, EZ industrial production, comments from ECB's Lagarde, and more Ukraine/Russia talks

KITCO