Gold is very close to the all-time high leading into the European open – Kitco NEWS

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(Kitco News) – Gold this morning has retracted slightly from the high of $2070.42/oz seen on Tuesday. The price is now just a stone’s throw away from the all-time high of $2075.14/oz. Silver is 1% higher this morning and is trading at $26.60/oz. Elsewhere in the commodities complex, both copper (0.30%) and WTI (0.82%) traded higher overnight. 

Risk sentiment overnight was slightly mixed. The Nikkei 225 (-0.30%) and Shanghai Composite (-1.13%) closed lower but the ASX rose 1.04%. Futures in Europe are pointing towards a positive cash open.

After the bullish or less dovish talk from the RBA, AUD/USD was the biggest mover in FX markets overnight rising 0.42%. In general the greenback struggled against all the rest of the majors. In the crypto space, BTC/USD shot up 7.57% to trade at $41,700.

News from overnight:

Unconfirmed reports from sources in NATO there talks on No-Fly Zone over parts of West Ukraine.

The U.S. military is repositioning two Patriot batteries to Poland

U.S. threatens to ‘shut down’ Chinese firms that defy US sanctions on Russia.

Russia says the response to Western sanctions will be sensitive and precise.

Russia and Ukraine foreign ministers to meet in Turkey this week.

Pentagon says does not believe Poland’s offer of MiG fighter jets “is a tenable one.”

Paypal suspends services in Russia.

Bank of Russia limits USD withdrawals to $10K.

Australian PM Morrison to declare a national state of emergency due to floods.

Biden’s Executive Order on crypto will be signed Wednesday 9 March 2022 – Yellen statement.

OPEC Secretary-General Barkindo says there is no shortage of oil.

RBA Governor Lowe says it’s plausible the cash rate will rise later this year.

China February CPI 0.9% y/y (expected 0.9%) & PPI 8.8% (expected 8.7%).

Looking ahead to the rest of the session highlights include the South Korean elections, U.S. Jolts jobs data and more talks between Russia and Ukraine. 

Disclaimer: The views 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 accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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