Gold and silver prices are mixed heading into the EU open

~~Gold is trading marginally higher leading into the EU session and silver is slightly behind after falling half a percent. It was a pretty mixed risk tone in the Asia Pac area as the Nikkei 225 (0.42%) and ASX (0.21%) both pushed higher but the Shanghai Composite fell 0.21%. This all comes despite the Asian bourses inheriting a positive lead from Wall Street.

The main theme in the markets continues to be the vaccine news. This time Moderna has boosted the markets by saying their vaccine could have a 95% effective rate in preventing people from catching coronavirus. Elsewhere, on the Brexit front, the UK chief negotiator expects a trade deal by early next week according to UK press reports (The Sun). An EU diplomatic source also confirmed this and suggested the two nations are working on a creative solution to avoid an accidental no-deal Brexit. Tesla has also received a boost after receiving confirmation that the firm will be listed in the S&P 500.

Looking closer at some of the other commodities and it has not been the best session for base metals. Tin (0.05%) is the only metal in the black while, nickel (-1.34%), zinc (-0.34%) and copper (-0.30%) all trade lower. In FX markets, The dollar has performed well against the EM currencies but in the majors it has performed well against the AUD and NZD overnight.

By 08:15am EST spot gold was down $2 to $1,868, while spot silver slide 10cents to $24.65.

KitcoNews