Gold and Precious Metals

Gold and silver move lower ahead of the European open

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(Kitco News) – Gold (-0.54%) and silver (-0.75%) have moved lower heading into the European open. In the rest of the commodities complex, copper (-1.04%) and spot WTI (-0.09%) are also in the red. 

Risk sentiment was mixed overnight as the ASX (0.44%) and Nikkei 225 (0.62%) pushed higher but the Shanghai Composite fell 0.10%. Futures in Europe are indicating a negative cash open. 

In FX markets, the dollar index pushed 0.50% higher and USD/JPY (1.00%) was the biggest moving major. In the crypto space, BTC/USD is back at $20k.

News from overnight:

Fed’s Mester says inflation is too high but the rate hike decision does not need to be made yet.

Fed’s Mester says the risk of recession has increased, but the Fed must lower inflation.

Fed’s Daly says her most likely response is a 75bp rate hike in July.

Chinese authorities are eyeing capital controls – concern on flows of funds offshore.

US President Biden says he will use force to stop Iran from getting a nuclear weapon.

Germany June wholesale price index +0.1% vs +1.0% m/m prior.

Switzerland’s June producer and import prices +0.3% vs +0.9% m/m prior.

Australia (June) Jobs +88.4K(expected +25K) Unemployment rate 3.5% (expected 3.8%).

Looking ahead to the rest of the session highlights include U.S. initial jobless claims, comments from Fed’s Waller and earnings season kicks off.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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