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Gold and silver trade modestly higher leading into the European open

January 21, 2022

London (Jan 21)  Gold (0.11%) and silver (0.18%) are trading higher leading into the European open. On Thursday gold slightly struggled at the highs of $1847.94/oz and closed marginally lower but silver managed to print 1.39% higher. In the rest of the commodities complex, spot WTI (-0.05%) and copper (-0.05%) are both slightly subdued. 

Risk sentiment in the Asia Pac area was largely subdued. The Nikkei 225 (-0.90%), ASX (-2.27%) and Shanghai Composite (-0.91%) all traded lower. Futures in Europe are pointing towards a negative open. 

In FX markets, EUR/USD managed to move 0.19% higher overnight but conversely, GBP struggled. The biggest mover was AUD/USD which dropped 0.40%. BTC/USD dropped below $40K to trade at $39,776.

News from overnight:

Serbia has revoked Rio Tinto's lithium exploration licenses.

PBOC calls on lenders to extend more credit to companies, households.

China's SAFE says fluctuations of the yuan play a key role as an automatic stabilizer.

China will allow power prices to move in a wider band.

US Treasury Secretary Yellen says if the pandemic can be controlled inflation will ease this year.

Bank of England could hike rates on 3rd February according to forecasts from a Reuters poll.

New Zealand data - Business PMI (December) 53.7 vs. prior 50.36).

U.K. December retail sales -3.7% vs -0.6% m/m expected.

U.K. GfK Consumer Confidence for January -19.

Japan CPI data for December, headline 0.8% y/y,core +0.5%, core-core -0.7%.


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