(Kitco News) – Gold and silver start the EU session higher this morning following some positive price action in the Asia Pac session. Gold has moved 0.10% in the black to trade at $1728oz, while silver is trading above the $25/oz level 0.54% higher.
In FX markets, the dollar index is 0.09% in the red with AUD/USD performing best 0.53% positive. The risk sentiment overnight was positive as the Nikkei 225 (1.56%), ASX (0.49%) and Shanghai Composite (1.63%) all closed higher following the positive lead from Wall Street. in the rest of the commodities complex, copper moved 0.85% in the black and oil also traded well and spot WTI is up 2.12%.
Looking at the latest news stories, U.K. retail sales for February hit +2.1% month on month inline with expectations.
A senior BOJ official says there is no change to the stance that the bank has no plan to issue central bank digital currency.
The PBOC sees Chinese growth potentially hitting 5% to 5.7% in the next five years. World Bank predicts China’s economy will expand by 8.1% in 2021 (vs. 2.3% in 2020).
Australia’s ambassador to China says Beijing’s trade behaviour is ‘vindictive’. Meanwhile, China is placing sanctions on UK individuals and entities over Xinjiang comments
It has been said overnight that US president Biden said to Chinese Xi that the US is not looking for confrontation. In the same press conference, the U.S President promised to outspend on innovation and infrastructure.
Fed’s Daly says the US job market is still in a trough. Fed’s Evans said that the recovery has been much stronger than expected. The Fed also announced that the restrictions on share buy-backs and banks dividends will end for most firms on June 30th.
EU commission president von der Leyen says companies have to honour the EU before sending out more vaccines.
The cargo vessel stuck in the Suez canal may take up to one week to remove.
Looking ahead to the rest of the session highlights include German IFO, US PCE, US personal income and spending and University of Michigan data. We also could hear from BoE’s Saunders and Tenreyro.
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