Gold and silver are trading higher ahead of the European open

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(Kitco News) – Gold (0.14%) and silver (0.03%) are both trading slightly higher ahead of the European open. In the rest of the commodities space, copper is down 1.40% but spot WTI is 0.39% in the black.

Risk sentiment was mixed overnight. The Nikkei 225 (0.10%) and ASX (0.45%) pushed higher while the Shanghai Composite (-0.15%) fell. Futures in Europe are indicating a negative cash opening.

In FX markets, USD/CAD (0.23%) and USD/JPY (0.23%) were the biggest movers overnight. In the crypto space, BTC/USD pushed higher to hit $21,177.

News from overnight:

China’s 220bn infrastructure push which is currently under consideration is not an aggressive stimulus.

Ex-Japanese PM Abe was shot and is showing no vital signs.

Japan Upper House election this weekend and the polls favor PM Kishida’s party.

China’s “high-frequency indicators suggest economy contracted” in Q2.

Biden meeting with senior advisers on Friday to discuss a path forward on China tariffs.

Japan data – Household spending for May -0.5% y/y (vs expected 2.1%).

Looking ahead to the rest of the session highlights include US and Canadian jobs reports and comments from ECB’s Lagarde and Fed’s Williams.

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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