Gold surges once again as equities remain weaker overnight

Published date: 13/08/2019
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In the US it was yet another bearish session for equities as the trade war and geopolitical issues keep sentiment bearish. Over in the Asia Pac area, it was much of the same with the Nikkei 225 (-1.11%), ASX (-0.33%) and Shanghai Comp. (-0.78%) all trading in negative territory. The unrest in Hong Kong also stepped up a notch as protesters took over the national airport and vowed to continue today.

Overnight gold has snapped higher once again as the safe-haven asset is being scooped up by investors who are worried about the geopolitical climate. Spot gold is trading 0.85% higher and managed to clear $1520/oz. 

No such luck for WTI and despite Saudi Arabia saying they will do even more to prop up the price of oil the price action was bearish overnight. Today we get the latest API inventory figure and any news from the OPEC monthly report. 

Copper is also bearish this morning after the $2.60/lb level was rejected again. This morning LME traders start the session with the price 0.15% lower at $2.57/lb. 

Looking ahead to events today, the Italian senate are set to meet at 17:00 BST to decide on the no-confidence vote. We also get German CPI, ZEW and employment data, UK employment data, US CPI, OPEC monthly report and the latest weekly API data. 


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