Make Kitco Your Homepage

Gold and silver move lower leading into the European session

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(Kitco News) -Gold and silver have both moved lower overnight heading into the European session. Gold is trading half a percent lower at $1898.39/oz while silver has lost -0.88% to trade at $27.87/oz. Copper has also fallen -0.30% and spot WTI is the only major commodity to hold its head above water to trade 0.63% in the black. 

Risk sentiment overnight was pretty decent as the Nikkei 225 (0.39%) and ASX (0.59%) closed higher but the Shanghai Composite bucked the trend and moved -0.14% in the red. Futures in Europe are pointing to a mixed open. 

In FX markets, the greenback has made a slight comback as the dollar index trades 0.18% higher. The antipodeans performed badly overnight as AUD/USD (-0.32%) and NZD/USD (-0.35%) both lost ground. BTC/USD has traded higher moving to $38,743 up just over 3%.

Looking at the news, the Federal Reserve says it plans to wind down its coronavirus pandemic Corporate Credit Facility. 

Sticking with the U.S., US President Biden is likely to further tighten rules on US investment in Chinese military-linked companies.

Senator Capito says she is encouraged that negotiations on infrastructure have continued and will brief other members of the Republican negotiating team.

Japan media says PM Suga likely to call a snap election in (northern) autumn (fall).

BHP's Escondida copper production fell -16.5% year on year. This comes as workers at the world's largest copper mine continue to strike.

Australian Retail Sales (MoM) (Apr) 1.1% vs expected 1.1%. Japanese  Services PMI (May) 46.5 vs prior 49.5. Chinese Caixin Services PMI (May) 55.1 vs prior 56.3.

Looking ahead to today highlights include services and composite PMI's from the major nations, U.S. ADP NFP, U.S. initial jobless claims, weekly DoE's and comments from BoE's Bailey, Fed's Bostic, Kaplan, Harker and Quarles.

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.