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Gold and silver move lower ahead of the European open

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(Kitco News) – Gold (-0.49%) and silver (-1.47%) are both trading lower ahead of the European cash market open. In the rest of the commodities complex, copper (0.13%) is holding its head above water, and spot WTI (-0.61%) has taken a dive. 

In the Asia Pac area, the indices had a small bounce back as the Nikkei 225 (0.21%) and ASX (0.21%) rose slightly. The Shanghai Composite however fell 1.34%. Futures in Europe are indicating a mixed cash open. 

In FX markets the biggest mover overnight was USD/JPY which rose 0.34%. In the crypto space, BTC/USD is trading at $20,044. 

News from overnight:

ECB chief economist Lane said interest rate rises ahead will be larger.

ECB’s Holzmann flags more (& more) interest rate rises ahead but says they’re data dependent.

China’s largest 4 banks have cut deposit rates.

PBOC inject 400bn yuan in one year MLF (600bn mature) – rate unchanged.

Japan’s Katayama: Japan lacks effective means to combat yen’s sharp falls.

China’s Chengdu will begin to lift its citywide COVID lockdown today.

China Communist Party set for the biggest overhaul of its economic leadership in a decade.

Germany Wholesale Price Index Y/Y (Aug) Act: 18.9% Prev: 19.5%

Australian Jobs added +33.5K (expected +35K) & Unemployment rate 3.5% (expected 3.4%).

Japanese trade data (Aug): Exports +22.1% y/y (expected +23.6%) Imports +49.9% y/y (+46.7%).

New Zealand Q2 GDP +1.7% q/q (expected +1.0%).

Looking ahead to the rest of the session highlights include U.S. retail sales, Philly Fed data, and comments from ECB’s de Guindos. 

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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