Gold is hovering at $1890/oz leading into the European open
(Kitco News) - Gold is trading flat heading into the European session. The yellow metal is hovering at around $1890/oz and silver has moved -0.12% lower to trade at $27.57/oz. Copper has once again had a tough session falling -0.62% while spot WTI trades 0.43% in the black past $70/bbl.
Indices were mixed overnight as the Shanghai Composite traded 0.16% higher and the Nikkei 225 (-0.35%) and ASX (-0.31%) both lost ground. European index futures are pointing towards a mixed open.
The dollar index is trading marginally lower but all of the major FX pairs have traded within their ranges. In the crypto space, BTC/USD recovered from its lows to trade at $33,800.
Looking at some of the news stories, it was reported that China is considering price controls on coal prices.
Chinese (May) CPI 1.3% y/y (vs. exp 1.6%). PPI saw its highest pace in factory gate prices since 2008 and surged to hit 9.0% vs exp 8.5% prev 6.8%
Germany's April trade balance printed at €15.5 billion vs €16.3 billion expected.
It was also said that U.S. Republican senators said made “a lot of progress” in infrastructure talks.
Sticking with the U.S. administration, US Senate members vote to approve a bill to help the U.S. compete with China.
NZ business survey (preliminary, June): Confidence -0.4% (prior +1.8%) & Activity outlook +29.1% (prior +27.1%).
RBA's Kent says expectations do not point to inflation rising above targets in a sustainable way.
Looking ahead to the rest of the session highlights include the BoC rate decision and weekly DoE's.