Silver edges higher into the European open

LONDON ( Mar 23)  Gold is trading flat ahead of the European open at $1920/oz. Silver on the other hand has moved half a percent higher and is looking to test $25/oz. In the rest of the commodities complex, copper is also flat while spot WTI is 1.25% in the black.

Risk sentiment was good overnight as the Nikkei 225 (3.00%), ASX (0.50%), and Shanghai Composite (0.34%) all closed higher. European futures are indicating a positive cash open.

In FX markets, USD/JPY moved another 0.20% higher overnight and broke the 121.00 level. In the crypto space, BTC/USD is 0.41% lower trading at $42,211.

News from overnight:

Fed's Mester says she thinks the Fed will need a 50bp hike at some meetings.

Ukraine President Zelensky is invited to address the NATO summit via video link.

Ukraine President Zelensky says talks with Russia are difficult, at times confrontational.

Ukraine official is hopeful of a phone call between Zelensky and China's President Xi.

U.S. Senators will discuss freezing Russia's gold with US Treasury Secretary Yellen.

Biden Administration preparing sanctions on more than 300 members of Russia's parliament.

Steel city Tangshan is in lockdown and it is the fifth in China to move into lockdown in the past two weeks.

The U.S. has removed tariffs on UK steel, aluminum.

Japanese media report that PM Kishida will likely order another round of fiscal stimulus.

UK February CPI +6.2% vs +5.9% y/y expected.

Looking ahead to the rest of the session highlights include U.S. new home sales, EZ consumer confidence, U.K. spring statement, comments from ECB's Lagarde, BoE's Bailey, Powell, Bullard, and Daly. 

KITCO