Gold trades higher ahead of the European open – Kitco NEWS

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(Kitco News) – Gold (0.20%) is trading higher leading into the European open at $1786/oz. Silver on the other hand has fallen -0.34% and is trading at $22.33/oz. Looking at the rest of the commodities complex, spot WTI has risen 0.29% but copper has moved -0.07% into the red.

In risk markets, the Nikkei 225 (-0.47%) and ASX (-0.28%) struggled, while the Shanghai Composite rose 0.98%. Futures in Europe are indicating a positive cash open. 

In FX markets, the dollar index is 0.10% higher with EUR/USD the worst performer down 0.20%. In the crypto space, BTC/USD dropped -0.78% to trade at $50,137.

U.S. House passes a bill to restrict imports from China on concerns over forced labour.

PBoC is reportedly seeing its special status starting to erode as the government start to push its influence on the central bank, according to the WSJ.

China Communist Party discipline inspectors have visited PBOC headquarters

PBOC governor Yi: Risks from property firms will not undermine the HK capital market.

Brazil’s central bank has raised its benchmark rate by 1.5% to 9.25%, as expected.

U.S. Pentagon official says China’s coercive military moves around Taiwan increase risks.

Australia’s Deputy Prime Minister has tested positive to COVID-19.

China November CPI 2.3% y/y (expected 2.5%) and PPI 12.9% y/y expected 12.4%).

Germany’s October trade balance €12.5 billion vs €13.2 billion prior.

U.K. RICS monthly house price balance for November 71 (vs.October’s 71).

Looking ahead to the rest of the session highlights include U.S. initial Jobless Claims.

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