Gold and silver trade higher ahead of European open
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(Kitco News) – Gold is trading up 0.17% at the start of the week at $1,854 an ounce. Silver (1.45%) is also trading higher at $22.23 an ounce. In the rest of the commodities complex, copper is down 1.29% and spot WTI is 0.71% in the red.
In overnight risk sentiment, the Nikkei 225 (0.56%) and Shanghai Composite (1.17%) traded higher, but the ASX (-0.45%) dropped overnight. Futures contracts in Europe point to a positive cash opening.
In the currency markets, the dollar index was down 0.15% and GBP/USD was the biggest mover of the major currencies and traded 0.34% higher. In the crypto space, BTC/USD is 4.45% higher.
News of the weekend and the night:
President Biden orders domestic production of solar panels and other clean energy projects.
Announcement on the vote of no confidence in British Prime Minister Boris expected this morning.
Bank of Japan Governor Kuroda is adamant that Japan will not tighten monetary policy.
Goldman Sachs expects an uneven recovery for the Chinese economy.
Japanese Prime Minister Kishida will likely want continued BOJ easing even after Kuroda’s term ends.
Beijing will further ease restrictions.
US Department of Commerce: Biden says remove some Chinese tariffs.
North Korea fired 8 ballistic missiles off Pyongyang on Sunday.
China Caixin/Markit Services PMI (May) 41.4 (expected 47.3).
Australian job vacancies +0.4% m/m in May.
The Australian monthly inflation indicator came out at +1.1% m/m (before -0.1%).
It’s a fairly light schedule other than political announcements in the UK and US. Much of Europe is closed due to public holidays.
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