Gold and Silver move down ahead of the European Open
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(Kitco News) – Gold (-0.28%) has opened lower once again as it heads towards the technical support level of $1681/oz. Silver (-1.00%) is also struggling, trading at $17.79/oz. In the rest of the commodity complex, copper is down 1.12%, but spot WTI is up 0.25%.
In risk markets, the Nikkei 225 (-1.53%), ASX (-2.02%) and Shanghai Composite (-0.49%) all struggled overnight. Futures in Europe are pointing to a weak cash open.
In the forex markets, the Japanese yen hit its lowest level against the US dollar since 1998 overnight. Additionally, GBP/USD also moved lower, hitting 1.1569, a level not seen since March 2020.
News from overnight:
The Fed’s Logan says the bank’s top priority is restoring price stability.
China’s Chengdu and its 21 million people are in lockdown.
Toyota increases steel supply prices for parts manufacturers by up to 30%.
China Markit Manufacturing PMI plunges into contraction: 49.5 in August (50.2 exp).
Japanese manufacturing PMI in August 51.5 (prelim. 51.0).
Australia’s second manufacturing PMI for August 53.8 (previously 55.7).
Retail Sales in Germany in July +1.9% vs. 0.0% m/m exp.
Switzerland August CPI +3.5% vs. +3.4% y/y expected.
UK August National house prices +0.8% vs. +0.1% m/m expected.
Australian Capex Q2 -0.3% q/q (expected +1.5%).
Data from Japan, Capex Q2 +3.9% q/q and +4.6% yoy.
Looking ahead to the rest of the session highlights are EZ, UK & US manufacturing PMI data, EZ unemployment, US ISM, US construction spending and comments from the Fed’s Bostic.
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