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Gold and silver are mixed heading into the EU open

Admin
Nov 17, 2020 Precious Metals News Comments Off on Gold and silver are mixed heading into the EU open



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(Wallace Refiners) – Gold is trading marginally higher leading into the EU session and silver is slightly behind after falling half a percent. It was a pretty mixed risk tone in the Asia Pac area as the Nikkei 225 (0.42%) and ASX (0.21%) both pushed higher but the Shanghai Composite fell 0.21%. This all comes despite the Asian bourses inheriting a positive lead from Wall Street. 

The main theme in the markets continues to be the vaccine news. This time Moderna has boosted the markets by saying their vaccine could have a 95% effective rate in preventing people from catching coronavirus. Elsewhere, on the Brexit front, the UK chief negotiator expects a trade deal by early next week according to UK press reports (The Sun). An EU diplomatic source also confirmed this and suggested the two nations are working on a creative solution to avoid an accidental no-deal Brexit. Tesla has also received a boost after receiving confirmation that the firm will be listed in the S&P 500. 

Looking closer at some of the other commodities and it has not been the best session for base metals. Tin (0.05%) is the only metal in the black while, nickel (-1.34%), zinc (-0.34%) and copper (-0.30%) all trade lower. In FX markets, The dollar has performed well against the EM currencies but in the majors it has performed well against the AUD and NZD overnight. 

Looking ahead to the rest of the session highlights include US retail sales, US industrial production, OPEC JMMC, API inventory levels and comments from ECB’s de Guindos, BoE’s Baliey, ECB’s Lagarde, BoE’s Ramsden, Fed’s Bostic, Daly, Williams, RBA Lowe and BoC’s Macklem

 


Disclaimer: The views expressed in this article are those of the author and may not reflect those of Wallace Precious Metals The author has made every effort to ensure accuracy of information provided; however, neither Wallace Precious Metals 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. Wallace Precious Metals 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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