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Gold rocketed higher overnight and broke through the $2000/oz (£1515/oz) area. Silver is 0.43% higher at $25.76/oz.

Published by Roland Uriko in category Economy on 07.03.2022
Gold price (XAU-GBP)
GBP/oz1,00
  
- GBP0,00
Silver price (XAG-GBP)
GBP/oz1,00
  
- GBP0,00

Gold rocketed higher overnight and broke through the $2000/oz area. See real time gold price here.The price has since retraced slightly and is at $1987/oz ahead of the European open. Silver is 0.43% higher at $25.76/oz. In the rest of the commodities complex, copper rose 1.88% to break $5/lb and spot WTI is 8.7% higher at $125/bbl.

Risk sentiment took another hit overnight. The Nikkei 225 (-2.94%), ASX (-1.02%) and Shanghai Composite (-2.17%) all closed lower.

In FX markets, the dollar index printed above 99.00 and the biggest mover was NZD and AUD which both rove 0.60% against the greenback. In the crypto space, BTC/USD is trading 1% lower.

News from overnight:

More Ukraine and Russia talks are set for Monday.

The U.K. Defence ministry doubts that Russia has accomplished its objectives yet in Ukraine.

China will aim for economic growth of “around 5.5%” this year.

U.S.’ Blinken said NATO members have the go-ahead to send fighter jets to Ukraine.

Pelosi says the U.S. House is exploring legislation to ban importing Russian oil. There is also talk of the U.S and its allies doing the same.

China reported its highest daily tally of COVID-19 infections since the pandemic began.

Japan is considering banning imports of Russian oil.

South Korea is suspending transactions with Russia’s central bank.

Germany January industrial orders +1.8% vs +1.0% m/m expected.

Germany January retail sales +2.0% vs +1.8% m/m expected.

U.K. February Halifax house prices +0.5% vs +0.3% m/m prior.

China January-February exports +13.6% y/y. Imports +12.9% y/y.

Australian ANZ Job Advertisements (February) +8.4% m/m (prior -0.7%).

Looking ahead to the rest of the session highlights include EZ sentix data.

 

Referred from kitco.com.

Gold price (XAU-GBP)
GBP/oz1,00
  
- GBP0,00
Silver price (XAG-GBP)
GBP/oz1,00
  
- GBP0,00

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