Gold is trading just under $1900/oz ahead of the EU open

LONDON (Feb 23)  Gold is flat leading into the European open trading just under $1900/oz. Silver has managed to climb 0.18% higher. In the rest of the commodities complex, copper and spot WTI are trading 0.25% in the black.

In the risk markets, things took a slightly positive turn overnight. The ASX (0.62%) and Shanghai Composite (0.93%) both traded higher overnight. Japanese markets were closed due to a public holiday. Futures in Europe are looking slightly positive ahead of the cash open.

In FX markets, NZD was the main mover after the rate hike and hawkish stance from the RBNZ. NZD/USD is trading 0.56% higher overnight. In the crypto space, BTC/USD is half a percent lower trading at $38,066.

News from overnight:

RBNZ hikes cash rate by 25bps as expected. RBNZ Governor Orr says capacity pressures in the economy are tightening still.

ECB's Holzmann says rate hike could come in summer, before the end of bond buying.

Ukraine foreign minister Kuleba says got a promise of more assistance from the U.S.

Imagery shows new deployment in Belarus of more than 100 vehicles, dozens of troop tents.

Blinken says the planned meeting with the Russian foreign minister is cancelled.

Blinken echoes Biden and says the U.S. will escalate sanctions if Russia escalates aggression in Ukraine.

Fed's Bostic says the Fed needs to move off its emergency policy settings. He added are being constrained by a tight labor market.

Germany March GfK consumer confidence -8.1 vs -6.3 expected.

Australia Construction work done for Q4 2021 -0.4% q/q (vs. expected 2.5%).

Australia Wage Price Index for Q4 2021 +0.7% q/q (vs. expected 0.7%).

Looking ahead to the rest of the session highlights include the U.N. general assembly to discuss Russia, comments from BoE's Bailey, Broadbent, Haskel, Tenreyro, ECB's de Guindos and Elderson. Rio Tinto will also provide its latest earnings figures.

KITCO