Gold and silver are mixed heading into the European open
Gold and silver are starting the session mixed on Friday. The yellow metal is trading at $1800/oz while silver has moved 0.10% higher to trade at $25.15/oz. In the rest of the commodities complex, copper trades 0.88% higher and spot WTI 0.61% in the black.
After a positive closed on Wall Street on Thursday, the Nikkei 115 (0.33%) and ASX (0.36%) both traded well overnight but the Shanghai Composite bucked the trend to move -0.27% in the red. Futures in Europe are pointing to a modestly positive open.
In FX markets, the dollar index is marginally higher and the biggest mover overnight was AUD/USD which fell just -0.13%. After closing 2.94% higher on Thursday BTC/USD failed to capitalize on those gains in the Asia Pac session.
Looking at some of the news stories from overnight, US Senate leader Schumer confirmed the infrastructure amendment process debate will recommence on Saturday.
Germany June industrial production -1.3% vs +0.5% m/m expected.
RBA Governor Lowe says the RBA does not need macroprudential tightening but it might be needed next year. He added a pick up in wages growth is gradual, in 2 yrs time still sees it under 3%.
Fed's Kashkari says the cryptocurrency market is akin to the "wild west", and is "full of nonsense". Speaking on the U.S. economy he added the economy is still in a deep hole, up to 9 million jobless.
The Chinese state planner says the nation will release the nation's commodities reserves that are essential for livelihood in a gradual and timely manner.
U.S. Democratic Senator Manchin has asked Fed's Powell to reverse easy monetary policy amid inflation worries.
The Union as the Escondida copper mine in Chile has asked workers to prepare to strike due to slow negotiations.
Looking ahead to the rest of the session highlights include the U.S. and Canadian NFP jobs reports, Canadian Ivey PMI, and comments from BoE's Broadbent.
By Rajan Dhall
For Kitco News
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