Gold and silver move higher heading into the European open

London (Oct 12)  Gold and silver have both risen overnight. Both major precious metals are around half a percent higher leading into the European open. Elsewhere in the commodities complex, copper is 1% lower while spot WTI has risen 0.26%.

Risk sentiment was pretty poor overnight as the Nikkei 225 (-0.94%), ASX (-0.26%), and Shanghai Composite (-1.93%) all struggled. Heading into the European open index futures are pointing towards a negative open.

In FX markets, the majors were pretty flat. The biggest mover was USD/JPY which fell -0.15% but this looks to be a small retracement after a recent push higher. Bitcoin is once again higher and now trades at $57,540.

Overnight Beijing scrutinized financial firms having close ties with private firms. This is said to be un a widening push to curb capitalist forces in the economy. 

U.K. September jobless claims change -51.1Kvs -58K prior. July ILO unemployment rate 4.5% vs 4.5% expected. 

The Bank of Korea kept rates unchanged at 0.75%.

Bank of Korea Governor Lee says will intervene in FX markets if needed.

South Korean President Moon says needs to focus on stabilizing consumer prices.

China state media says coal inventories rising.

Australian September business confidence surges 19 points on the month to 13.

Japan PPI for September 0.3% m/m (expected 0.3%). 

Australian weekly survey of consumer sentiment 105.6 (previous week 104.6).

China's stern representations with Australia over "inappropriate" comments about Taiwan.

ECB member comments on inflation - ECB's Knot: Investors need to be aware of risks of structurally higher inflation. ECB Stournaras: Those looking for a rate hike are probably in a hurry. ECB's Lane: We are in an early stage of an energy shock

Looking ahead to the rest of the session highlights include German ZEW, and comments from ECB's Knot, Lane, Elderson, Fed's Clarida, Bostic, Barkin, Brainard, and Kaplan.

KitcoNews