Gold and silver move higher overnight leading into the EU session – Kitco NEWS

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(Kitco News) – The Gold and silver price found a bid overnight as the yellow metal traded 0.91% higher and its counterpart 2.42% in the black respectively. Risk sentiment was slightly mixed with Japan’s Nikkei 225 (0.09%) and China’s Shanghai Composite (2.18%) trading well and Australia’s ASX down 0.27%. In the FX space, the US dollar pulled back a touch with the antipodeans capitalising.

In terms of news, there was not too much market-moving information overnight but late in the US session, the market heard from some Fed members. Barkin, first of all, said he was projecting ‘hurt’ for the US in Q1 and H1 but H2 will be stronger. Kaplan then said he sees a contraction in the order of 2.25 to 2.5% for US GDP in 2020. Finally, Kaplan then stated he was hopeful later this year will meet ‘substantial progress’ bar for tapering QE.

Over on Capitol Hill, House majority leader Hoyer said that there may be an impeachment vote on Wednesday. In support of Trump, House GOP leader McCarthy stated he does not support a Trump impeachment.

Bitcoin also recovered from the lows seen yesterday of around 30,100 to trade at 36,581 this morning. It has been a wild 48 hours or so in the crypto space and it does not look like slowing down just yet. 

Looking ahead to the rest of the session we get the EIA energy outlook, US Jolts job opening, oil API weekly inventory data and Fed discount rate minutes. We will also be hearing from Fed’s George, Rosengren, Kaplan, Mester, Brainard, BoE’s Broadbent and ECB’s de Cos.

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