Gold is trading flat leading into the European open
(Kitco News) - Gold is flat heading into the European session. The yellow metal will start the day trading at $1858/oz. Silver has moved 0.30% higher and trades at $24.85/oz. In the rest of the commodities complex, copper has risen 1.91% and spot WTI has moved 0.39% higher.
Risk sentiment was positive overnight. The Nikkei 225 (0.50%), ASX (0.23%) and Shanghai Composite (1.13%) all closed higher. Futures in Europe are pointing towards positive cash open.
In FX markets, the biggest mover overnight was AUD/USD which rose 0.21%. the dollar index is 0.08% higher largely due to a drop in EUR/USD (-0.11%). In the crypto space, BTC/USD is trading -1.67% lower at $55,940.
Fed's Bostic says he expects mid-2022 normalization of policy.
The U.S. House Democrat leaders are aiming to vote for a "Build Back Better" deal on Friday.
Japan PM Kishida says Japan will employ various means to fund stimulus including issuing new debt. Kishida also added the total size of the stimulus package is 79 tln yen.
China is examining ways to cut taxes and government fees by up to 500bn yuan.
U.S. President Biden said he will talk about electric vehicle incentives with Canadian PM Trudeau.
Germany October PPI +3.8% vs +1.9% m/m expected.
U.K. October retail sales +0.8% vs +0.5% m/m expected.
U.K. GfK Consumer Confidence for November -14 (expected -18, prior -17)
New Zealand data - Credit card spending (Oct) +8.4% m/m (prior -3.3%).
Japanese CPI for October: Headline 0.1% y/y (vs. expected 0.5%).
South Korean wholesale inflation (PPI data for October) hits its highest in 13 years.
Looking ahead to the rest of the session highlights include Canadian retail sales and comments from ECB's Lagarde.
By Rajan Dhall
For Kitco News
Follow rajfx10
rdhall@kitco.comwww.kitco.com