Gold and silver move lower leading into the European open

Gold and silver move lower leading into the European open

Gold and silver are starting the week on the soft side after falling during the Asia Pac session. The yellow metal trades -0.29% lower at $1805/oz while silver has lost just over 1%. In the rest of the commodities complex, copper continues to trade sideways after falling another -0.50% and spot WTI is also down -0.48%.

The risk sentiment was also poor overnight as the Nikkei 225 (-1.25%) and ASX (-0.85%) both fell. The Shangai Composite is currently trading flat. Futures in Europe are pointing towards a negative cash open.

In FX markets, the dollar index is trading marginally higher but the biggest mover has been USD/CAD which pushed 0.30% into the black. AUD/USD is another commodities currency that has suffered and trades -0.30% in the red. In the crypto space, Bitcoin has barely moved and fell -0.10% overnight after a lackluster weekend.

Looking at some of the major news stories from overnight, Coronavirus lockdown to be extended for Australia's second-most populous state.

UK July Rightmove house prices +0.7% m/m vs +0.8% prior.

New Zealand services PMI for June 58.6 (prior 56.1).

OPEC+ agrees to a deal that will see 400k bpd added monthly.

There are reports that the ECB members disagreed on the guidance drafts for the 22nd July meeting. Also, reports about bond buying talks will not happen at the next meeting according to sources.

China's military are said to be conducting beach assault drills to warn off the U.S. and Taiwan.

Looking ahead to the rest of the session we are due to hear from BoE's Haskel and U.S. treasury secretary Yellen.
 

By Rajan Dhall

For Kitco News
 

Kinesis Money the cheapest place to buy/sell Gold and Silver with Free secure storage

David

Leave a Reply

Your email address will not be published. Required fields are marked *