Gold and silver trade marginally lower ahead of the European open

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(Kitco News) – Gold (-0.07%) trades marginally lower but silver is almost down half a percent leading into the European open. Elsewhere in the commodities complex, copper (0.11%) and spot WTI (0.29%) are trading higher.

Indices in the Asia Pac area moved higher overnight as they took the lead from Wall St. The Nikkei 225 (0.25%), ASX (0.65%) and Shanghai Composite (0.04%) all closed in positive territory. Futures in Europe are indicating a positive open.

FX markets were pretty quiet compared to recent sessions. The biggest mover was GBP/USD which rose 0.22%. In the crypto space, BTC/USD is trading at $22,309.

News from overnight and this morning:

The “bias index” for the RBA is showing aggressive rate hike forecasts are being unwound.

BoK Dep Gov says closely monitoring FX markets, says that volatility is likely to increase.

Switzerland’s August producer and import prices -0.1% vs -0.1% m/m prior.

UK August payrolls change +71k vs +73k prior.

Germany’s August final CPI +7.9% vs +7.9% y/y prelim.

Japan’s August PPI 9.0% y/y (expected 8.9%).

New Zealand data: August Food Price Index +1.1% m/m (prior +2.1%).

Looking ahead to the rest of the session highlights include German ZEW and US CPI.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/or damages arising from the use of this publication.

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