Gold and silver move lower ahead of the European open
LONDON (Mar 28) Gold and silver are both trading lower heading into the European session. The yellow metal is down 1.14% while silver has fallen 1.44%. In the rest of the commodities complex, copper (-0.95%) and spot WTI (-3.17%) are both in the red.
Risk sentiment was generally poor overnight as the Nikkei 225 (-0.73%) and Shanghai Composite (-0.13%) both fell but the ASX bucked the trend to move 0.08% higher. European futures are indicating a moderately lower cash open.
USD/JPY continued to push higher overnight with the pair rising 0.86%. The dollar was generally stronger across the board but AUD managed to hold up well. In the crypto space, Bitcoin traded well over the weekend and is at $46,920 heading into the European open.
News from the weekend and overnight:
U.S. President Biden says he was not calling for regime change in Russia. He was quoted before saying the Russian president cannot remain in power.
Japan PM Kishida says will draft emergency countermeasures for rising oil, goods prices.
The UAE energy minister says no one can substitute Russian barrels.
BoJ says it received no bids for 10-year JGBs but buys an unlimited number.
Tesla has halted production in Shanghai for four days due to the city lockdown. Its ports are to remain open 24/7.
China has canceled a $500 million investment in Russian gas.
Kim Jong Un says North Korea will keep developing 'formidable striking capabilities'.
Australian NAB quarterly business confidence for Q1 2022 comes in at 14 (prior 19).
Chinese January-February industrial profit +5.0% y/y (prior, December, +4.2%).
Looking ahead to the rest of the session highlights include the ASEAN summit and comments from BoE's Baliey.
KITCO
