first majestic silver

Gold and silver trade higher heading into the European open

May 11, 2022

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. 


Gold Eagle twitter                Like Gold Eagle on Facebook