Gold and silver trade higher heading into the European open
LONDON (May 11) Gold (0.33%) and silver (1.95%) are positive leading into the European open. Elsewhere in the commodities complex, spot WTI is up 3.41% and copper (1.26%) is also in positive territory.
Risk sentiment in the Asia Pac area was positive overnight. The Nikkei 225 (0.18%), ASX (0.19%) and Shanghai Composite (0.93%) all moved higher. In Europe, the futures markets are indicating a positive cash open.
In FX markets, the U.S. dollar was weaker across the board. The biggest mover overnight was AUD/USD which rose 0.39%. In the crypto space, BTC/USD rose 0.85% to trade at $31,269.
News from overnight:
US President Biden to review Trump's China tariffs, view to drop them to lower inflation.
Shanghai local authorities say there is no COVID-19 spread in 8 districts.
ECB's Müller: Appropriate to raise rates into positive territory by year-end.
ECB's Villeroy: ECB will start raising rates this summer.
ECB's Villeroy: Inflation should be back at around 2% in 2024.
US Congress - House passes $40 bn Ukraine bill (368 to 57 vote).
Lisa Cook was confirmed as a Federal Reserve Board of Governors member.
Japan March leading indicator index 101.0 vs 100.9 prior.
Germany April final CPI +7.4% vs +7.4% y/y prelim.
China April inflation: CPI 2.1% y/y (expected 1.8%).
Looking ahead to the rest of the session highlights include U.S. CPI, comments from Fed's Bostic, ECB's Lagarde, de Cos, Elderson, Schnabel, Centeno, Vasle, and Muller. Earnings also continue.
KITCO
