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Silver is trading higher ahead of the European open

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(Kitco News) – Gold is trading 0.11% lower at $1866/oz ahead of the European open. Silver however is 0.18% higher at $22.32/oz. In the rest of the commodities complex, copper (-0.25%) and spot WTI (-0.50%) are both trading lower.

In stock markets, the Nikkei 225 (1.27%) and ASX (0.88%) both rose off the back of the stellar performance in the U.S. indices. European index futures are pointing to a positive cash open. 

In FX markets, there was not much movement overnight. The dollar index has fallen 0.02%. In the crypto space, BTC/USD is back above $30k and is trading 0.15% higher this morning. 

News from overnight:

Fed’s Mester said that ongoing rate increases are needed including 50bps rate hikes at the next two meetings.

The U.S. is seeking a strategic realignment with China on trade.

U.S. Special Envoy to North Korea Sung Kim says North Korea is preparing for a nuclear test.

Japan’s chief cabinet secretary Matsuno welcomes OPEC’s decision to boost oil output.

The White House says it is not looking for a blockbuster jobs number every month.

Japan May services PMI 52.6 (prior 50.7).

Australian May Services PMI 53.2 (prior 53) & Composite 52.9 (prior 52.5).

Australia’s construction PMI for May 50.4, dropping from 55.9 in April.

NZ building work data for Q1 +3.2% q/q (vs. expected +0.5%).

China was off overnight due to a public holiday.

Looking ahead to the rest of the session highlights include U.S. and EU PMI’s, German trade balance, EZ retail sales, U.S. ISM PMI, NFP report, and comments from U.S. President Biden, Fed’s Brainard. The U.K. are still off due to the Queen’s Jubilee celebrations. 


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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