Gold and silver trade higher ahead of the European open – Kitco NEWS

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(Kitco News) – 

Gold and silver are trading higher ahead of the European open. Gold has pushed to reach $1779/oz while silver trades at $23.83/oz. In the rest of the commodities complex, copper has moved 2.50% higher and spot WTI has risen by 1%.

In terms of risk sentiment, China came back to market and the Shanghai Composite moved 0.25% higher. The Nikkei fell -0.67% while the ASX pushed 0.23% into the black. Futures in Europe are pointing towards a positive open.

In FX markets, the dollar index is 0.06% higher and the biggest mover was USD/JPY which rose 0.33% overnight. BTC/USD is 3.83% up after a tough previous two sessions. 

The Bank of Japan (BoJ) kept monetary policy steady on Wednesday but offered a bleaker view on exports and output, reinforcing expectations the bank will maintain its massive stimulus even as major counterparts eye a withdrawal of crisis-mode support. The BoJ maintained its assessment on the economy, saying it was “picking up as a trend, although it remained in a severe state due to the impact of the pandemic.”

RBA’s Bullock says risks to financial stability from housing could be growing.

Evergrande main unit says will make payment on September 23.

Australia – Westpac leading indicator for August -0.27% m/m (prior -0.12%).

IMF chief economist says China has the tools and space to prevent Evergrande from becoming a systemic crisis.

The majority of the U.S. House votes to advance bill to fund the US government through December 3.

US President Biden says will keep discussing a trade deal with the U.K.

China’s President Xi Jinping says the country will no longer build coal power plants abroad.

Looking ahead to the rest of the session highlights include the Fed rate decision, U.S. existing home sales, and comments from BoE Deputy Governor Woods, German Buba Mauderer,  ECB’s Enria, and Fed Chair Jerome Powell.

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