Make Kitco Your Homepage

Gold is hovering at $1890/oz leading into the European open

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 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.


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.