Gold and silver move higher heading into the European open – Kitco NEWS

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(Kitco News) – Gold and silver are heading into the European open higher. Gold has now consolidated above the psychological $1800/oz level with a strong move on Sunday night. Elsewhere in the commodities complex, copper is 0.23% higher and spot WTI is 1% in the black.

In terms of risk sentiment, the Nikkei 225 (-0.35%) and ASX (-0.06%) struggled but the Shanghai Composite traded well moving 0.20% higher. Futures heading into the European open as flat. 

In the FX markets, the biggest mover is NZD/USD (0.37%) but the dollar index is still 0.07% higher. In the crypto space, BTC/USD moved 3.80% higher to trade at $65,737 attacking the previous wave high.

News from the weekend and overnight:

ECB’s Lane said the current period of inflation is very unusual and temporary.

Japan September preliminary leading indicator index 99.7 vs 101.3 prior.

New Zealand’s largest city to have eased lockdown from Wednesday.

The Central Committee of China’s ruling Communist Party holds a closed-door meeting this week.

US Energy Secretary Granholm says Biden considering tapping SPR to lower gasoline prices.

Bank of Canada Governor Macklem said inflation is ‘transitory but not short-lived’.

U.S. and Canadian clock moved back over the weekend.

The U.S. House voted to pass the infrastructure bill late on Friday. The $1.2trl bill has now been sent to U.S. President Biden to sign.

Chinese trade data showed a larger than expected surplus and strong exports. 

Looking ahead to the rest of the session highlights include EZ Sentiz data, comments from Fed’s Powell, Evans, Harker, Montgomery, and ECB’s Lane.