Gold and silver dirop ahead of the European open
London (Mar 14) Gold (-0.67%) has moved lower ahead of the European open to trade at $1975.23/oz. Silver (-0.70) has also been trading in the red overnight and sipped below the $26/oz area. Elsewhere in the commodities complex, copper fell 0.76% and spot WTI is 3.22% in the red.
In the risk markets, the Nikkei 225 (0.58%) and ASX (1.21%) pushed higher while the Shanghai Composite (-2.60%) struggled. Futures in Europe are pointing towards a positive cash open.
In FX markets, USD/JPY continued to advance pushing 0.46% higher. AUD/USD was also another big mover falling 0.70% overnight. In the crypto space, BTC/USD managed to rise 2.75% to trade at $38,808.
News from overnight:
Czech group Draslovka said production of the chemical, used in the extraction of precious metals from ore, had become uneconomic in Europe, with gas prices in the region at 12 times the levels in the US. Draslovka is the world’s largest maker of gold and silver mining material, sodium cyanide.
U.S. National Security Adviser Sullivan says condemns Iran's missile attack on Iraq.
Biden and Zelensky spoke on Friday and Zelensky is looking for more action against Russia.
The US and China will meet for 'high-level' talks on Ukraine.
Russia: Further developments in Ukraine depend on Kyiv's willingness to compromise.
U.K. media reports that Russia has requested military assistance from China re Ukraine war.
China's U.S. embassy says it hasn't heard Russia has asked China for military assistance.
Russia says it may be forced to pay FX debt in rubles amid sanctions.
New Zealand has slashed its fuel tax for the next 3 months.
U.K. PM Johnson to travel to Saudis, considering prolonging the use of coal power stations.
China shuts down a city of 17.5m people (Shenzen) due to COVID-19.
Germany February wholesale price index +1.7% vs +2.3% m/m prior.
Looking ahead to the rest of the session highlights include more talks between Russia and Ukraine, U.S. and China talks and comments from ECB's Elderson.
kitco
