Gold and silver are mixed leading to European Open

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(Kitco News) – Gold is trading slightly lower as the European open approaches and this comes after falling 0.32% in yesterday’s session. Silver trended slightly better with 0.30% more, but that also comes after a decline in Monday’s session.

After inheriting a negative Wall Street close, stock markets in the Asia-Pacific region are quite mixed. ASX (-0.68%) and Nikkei 225 (-1.97%) fell, but India’s Nifty (0.25%) and South Korean Kospi (0.68%) performed well while the Shanghai Composite has traded.

In the forex markets, the dollar index fell 0.11% and the biggest driver was the AUD / USD which rose 0.67%. Across the rest of the commodities complex, copper rose a further 1% and spot WTI also moved 0.86% in the same direction.

In terms of reporting, the evolution of jobless claims in the UK in March is 10.1k compared to 86.6k previously. The unemployment rate (February) also fell to 4.9% against analysts’ consensus of 5.1%. There was also German PPI data this morning and it continued to rise to reach 0.9% m / m for Match (exp 0.6% before 0.7%).

Following the Fed’s rhetoric, minutes from the April RBA monetary policy meeting noted that unemployment was too high. The RBA has also said it will do “reasonably” what it can to support the Australian economy.

The PBOC sets the prime rate on China’s one-year loans at 3.85% and 5-year at 4.65%. Both are unchanged and that was expected.

Faithful to China, Premier Li also warned other countries against interfering in the affairs of other nations.

British media reported that “Russia” is planning a full-scale warship assault on Ukraine’s water supply “”. The United States expresses deep concern over Russia’s plans to blockade parts of the Black Sea, the situation appears to be escalating fairly quickly.

The White House issues a statement saying the infrastructure talks have been successful. This follows some reports yesterday that the US administration was prepared to discuss how to separate parts of the bill.

In Australia, Rio Tino said its iron ore shipments had increased, but they also noted that production had declined slightly. Brazilian Vale reported iron ore production of 68.0 tonnes compared to expectations of 72 tonnes.

Looking ahead to the rest of the session, highlights include NZ CPI and GDT. We were also able to hear the German vice-president of Buba Buch and Cos of the ECB.

Warning: The opinions 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 the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. This is not a solicitation to trade in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for any loss and / or damage resulting from the use of this publication.

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