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.


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