Gold and silver are up ahead of the European Open
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(Kitco News) – Gold (0.13%) and silver (0.15%) rose overnight ahead of the European session. Market risk aversion heightened when Russia attacked a Ukrainian nuclear facility. In the rest of the commodity complex, copper is 1.65% higher and spot WTI is still 1% in the black.
The indices were weaker overnight, with the Nikkei 225 (-2.23%), ASX (-0.57%) and Shanghai Composite (-0.96%) all closing lower. Futures contracts in Europe indicate a negative cash opening.
In the FX markets, the EUR/USD has been the most important driver as problems in Ukraine remain widespread. The pair fell 0.46% to break the previous wave’s lows on the daily chart. In the crypto space, there was also weakness in BTC/USD as it fell 2.60% to $41,354.
News of the night:
UK calls for UN Security Council meeting regarding Russia’s attack on nuclear power plant.
Ukraine claims that the fire at the nuclear power plant has been extinguished.
Ukrainian President Zelensky says an attack on nuclear facilities could be the ‘end of Europe’
UK Times reports that Ukrainian Zelensky survives three assassination attempts in a matter of days.
Canadian Prime Minister Trudeau said “Russia’s unacceptable attacks must stop immediately.”
US Senator Lindsay Graham calls for the assassination of Russian President Putin.
China-based Asian Infrastructure Investment Bank is suspending operations in Russia and Belarus.
The Fed’s Williams says the bank needs to be data-driven and transparent.
Raimondo from the United States said he was looking into whether tariff exclusions could help reduce inflation.
BoC Governor Macklem – expresses confidence that inflation will fall to 2% over time.
The German trade balance for January amounted to 9.4 billion euros against 6.1 billion euros expected.
Looking ahead to the remainder of the session, highlights include EZ Retail Sales, EZ Construction PMI and the US Labor Market Report.
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