Gold and silver push higher before the EU open

(Kitco News) - Gold (0.42%) and silver (1.16%) are both trading higher at the start of the week leading into the EU open. Risk sentiment has been poor overnight as the Nikkei 225 closed 0.97% in the red with the ASX also down -0.78%. The Shanghai Composite rose 0.84% as most of the Chinese bourses outperformed. In the FX complex, USD/CAD outperformed rising 0.44% as most commodities currencies struggled. 

In terms of news, the major highlight came from China. Their latest year on year GDP figure came in at 6.5% vs the analyst consensus estimate of 6.1%. The December industrial production reading was also positive and printed at 7.3% vs expectations of 6.9%. 

In German, the CDU party appointed Armin Laschet as their new leader. He is the candidate that resembles outgoing Angela Merkel the most and seems to be one of the more market-friendly candidates.