Gold and silver trade lower leading into the European open
London (Apr 28) Gold and silver have moved lower in the Asian session leading into the European open. The yellow metal is neatly half a percent lower trading at $1768/oz while silver has lost around 1.22% to trade just under $26/oz.
Risk sentiment has been pretty positive overnight with the Nikkei 225 (0.21%), ASX (0.44%) and Shanghai Composite (0.13%) all trading higher.
In the FX markets, the dollar index has moved 0.19% higher overnight. The biggest mover has been AUD/USD which lost around 0.31% followed by USD/JPY which rose 0.24%.
In the rest of the commodities complex, copper has stepped back from its highs to trade at $4.40/lb and spot WTI is 0.17% higher trading at $63.18/bbl.
Looking at some of the news stories, Australian inflation data for Q1 hit 0.6% q/q vs the expected reading of 0.9%. Sticking with the data, Japanese retail sales for March printed at +1.2% m/m (expected 0.6%).
US Sec State Blinken says the timing of Biden/Putin meeting being discussed with Russia.
The European Commission is looking for powers to levy fines or block deals by foreign state-owned firms amid the growing economic threat posed by China.
US President Biden is planning to ask Congress to pay the $1.8trl in its entirety for the new spending bill.
An American warship fired warning shots when vessels of Iran's paramilitary Revolutionary Guard moved too close to a patrol in the Persian Gulf, the U.S. Navy said Wednesday, according to a Washington Post
BOC Gov Macklem optimistic on strong consumption growth as vaccination progress and he went on to say bond purchases not guided by government needs.
Goldman Sachs say it sees commodities rising another 13.5% over the next 6 months with copper rising to $11,000/tonne.
Looking ahead to the rest of the session highlight include the FOMC rate decision, Biden delivers his first address as president to a joint session of Congress, Canadian core retail sales and comments from ECB's Lagarde.
KitcoNews
