Gold and silver trade up ahead of European open

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(Kitco News) – Gold (0.19%) and silver (0.11%) are trading higher ahead of the European open. In the rest of the commodities complex, copper is down 0.31% and spot WTI is 0.15% in the red.

The indices traded lower overnight, with the Nikkei 225 (-0.74%) and ASX (0.64%) both falling, but the Shanghai Composite closing flat. Futures contracts in Europe are stable before the opening of the treasury.

In the FX markets, the biggest move was AUD/USD which rose 0.63%. In the crypto space, BTC/USD fell below $20,000.

Weekend news:

The Fed’s Waller backs another 75 basis points in an all-in fight to reduce inflation.

The Japanese government keeps the overall economic assessment unchanged in June.

The PBOC leaves the one-year prime rate unchanged at 3.70%, as expected.

Macau reports 34 positive covid cases.

French President Macron failed to secure a majority in parliament.

New Zealand May Business NZ PSI 55.2 vs 49.2 before

Germany May PPI +1.6% vs +1.5% m/m expected.

June Rightmove UK house price index +9.7% YoY vs. +10.2% previously.

For the remainder of the session, the United States is closed for a holiday and there is not much on the data slate. There could be comments from ECB’s Lagarde, Panetta, Lane Kazaks, Fed’s Bullard and BoE’s Mann.

Disclaimer: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. This is not a solicitation to trade commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for loss and/or damage resulting from the use of this publication.

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