Gold and silver trade higher ahead of the European open

LONDON (Mar 30)  After rejecting lows of $1890.35/oz gold is trading 0.28% higher at $1924.40/oz ahead of the European open. Silver is also trading higher by 0.30%. Elsewhere in the commodities complex, copper is 1.16% and spot WTI has risen 0.73%. 

Risk sentiment overnight was good as the ASX (0.67%) and Shanghai Composite (1.72%) closed higher but the Nikkei 225 fell 0.80%. Futures in Europe are indicating a positive cash open. 

In FX markets, USD/JPY was once again the big mover as the pair fell 0.83%. NZD/USD also traded well rising just over half a percent. In the crypto space, BTC/USD traded flat overnight.

News from overnight:

A western official said they have not seen anything so far to see that Russia is serious about the peace talks.

Fed's Bostic says the Ukraine war is increasing uncertainty, a source of risk for demand.

Russian grain exporters may look for payments in rubles.

The city of Xuzhou in China has entered a three-day lockdown starting Wednesday.

BoJ conducts an emergency market operation, offers to buy ¥100 billion in 10-25 year JGBs.

Germany - North Rhine Westphalia March CPI +7.6% vs +5.3% y/y prior.

Japanese Retail sales for February -0.8% y/y (expected -0.3% y/y, prior 1.1%).

New Zealand ANZ business survey March Business Confidence -41.9 (prior -51.8).

U.K. BRC Shop Price Index for March +2.1% y/y (vs. prior 1.8%).

Looking ahead to the rest of the session highlights include German CPI, U.S. ADP, GDP, comments from Fed's Barkin, Bostic, George, ECB's Lagarde, and BoE's Broadbent. 

KITCO