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

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

David

Gold and silver move lower heading into the European open Gold and silver have moved lower overnight. The yellow metal is trading -0.20% lower at $1809/oz while silver lost around -0.40% to trade at $25.29/oz. In the rest of the commodities complex, there

Gold and silver move lower heading into the European open

Gold and silver have moved lower overnight. The yellow metal is trading -0.20% lower at $1809/oz while silver lost around -0.40% to trade at $25.29/oz. In the rest of the commodities complex, there is pretty much weakness across the board. Copper is -0.31% lower while spot WTI has also moved -0.68% in the red.

After a mixed close on Wall Street, it was pretty much a negative bais in Asia. The Nikkei 225 (-0.50%), ASX (-0.23%) and Shanghai Composite (-0.71%) all traded in negative territory. Ahead of the cash open in Europe futures markets are painting a mixed picture. The FTSE and EuroStoxx are negative while the CAC40 and DAX look firm.

In FX markets, the antipodeans were firm as both NZD and AUD strengthened against the U.S. dollar. There was also a mild bout of JPY strength as USD/JPY moved -0.18% lower. In the crypto space, BTC/USD declined again and now trades at $38,316.

Looking at the major stories from overnight, the RBA left its cash rate unchanged at 0.10% in the August monetary policy decision. The central bank announced no change to its QE/tapering plans for the time being, brushing aside the recent virus outbreak by saying that if it gets contained then the economy would be able to bounce back quickly.

China market regulator launches investigation on auto chip distributors.

Japanese officials say the COVID-19 hospital bed situation has become severe.

Fed's Waller concedes a tapering announcement could come in September.

Gaming stocks were hit in China as the government announced a crackdown on firms.

The RBNZ is now considering tighter lending as the housing market prices are above a "sustainable" level.

Wuhan city will now be conducting city-wide COVID-19 tests as some infections were found.

Looking ahead to the rest of the session highlights include EU PPI, Canadian manufacturing PMI, U.S. factory orders, and comments from Fed's Bowman and Clarida. SEC Chairman Gary Gensler, who has said he's no cheerleader for digital assets, is scheduled to speak about cryptocurrencies at the Aspen Security Forum.

By Rajan Dhall

For Kitco News

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

David

Gold is trading marginally lower leading into the European open

Gold has kicked off the new week on the back foot. The precious metal is trading -0.33% lower but just above the $1800/oz psychological level. Silver is just marginally higher at the time of writing hovering at $25.50/oz. In the rest of the commodities complex, copper is trading close to $4.50/lb around 0.44% in the black and spot WTI has lost -0.75% after a few decent sessions.

Risk sentiment in the Asia Pac area has been positive overnight. The Nikkei 225 (1.82%), ASX (1.34%) and Shanghai Composite (1.88%) all traded higher. European futures are pointing towards a positive open.

In the FX space, the majors all traded within their ranges overnight, the dollar index trades at 92.08. In cryptocurrencies, BTC/USD has dipped just below the psychological $40k mark.

Looking at the news from the weekend and overnight, China Caixin Manufacturing PMI for July 50.3 (prior 51.3).

The China Daily noted that the Chinese government is set to intensify policy support to bolster the nation's economic growth.

Workers at BHP's Escondida mine rejected the company's final wage offer and if no deal is reached within the next 5-10 days strike action could resume once again.

Germany June retail sales +4.2% vs +2.0% m/m expected.

China has set up a $32bn fund to support State-Owned firms.

China has put travel restrictions in place for some areas due to rising new coronavirus cases.

US Infrastructure bill introduced onto Senate floor. The vote is expected to be completed this week.

Japan Jibun Manufacturing PMI for July 53.0 (prelim was 52.2, prior 52.4).

Australia – Markit Manufacturing PMI for July (final): 56.9 (flash was 56.8, prior 58.6). Australia – AiG Manufacturing PMI for July: 60.8 (prior 63.2).

Fed's Brainard says she would like to have the September jobs data at hand to assess improvements in the labor market.

Looking ahead to the rest of the session highlights include manufacturing PMI's from the major nations.

By Rajan Dhall

For Kitco News

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

David

Gold surprises investors this week

Gold surprised many investors this week, rising to a strong resistance point of $1,830 an ounce following the Federal Reserve's interest rate announcement. Here's a look at Kitco's top three stories:

3. Gold price jumps back above $1,800 as Fed's Powell says the U.S. is ways away from 'substantial further progress'

2. U.S. Q2 GDP comes in well below expectations

1. Bitcoin jumps above $40K but here's why you should be paying more attention to ethereum

By Anna Golubova

For Kitco News

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

David