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Gold and silver trade flat leading into the European open

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(Kitco News) - After performing well again on Thursday gold is heading into the European open flat. Silver is also trading flat after pushing 2.17% into the black during yesterday's session. Looking at the rest of the commodities complex, copper is -0.71% lower and spot WTI is half a percent in the red.

Indices in the Asia Pac area traded negatively. The Nikkei 225 (-1.80%), ASX (-0.33%) and Shanghai Composite (-0.43%) all lost ground overnight. Futures markets in Europe are indicating that there will be a negative cash open.

In FX markets, the dollar index is 0.14% higher as AUD/USD was the biggest loser overnight dropping -0.24%. In the crypto space, bitcoin has just dipped under the psychological $40k mark.

Looking at the news from overnight, the Biden administration says will not rule out further lockdowns if scientists recommend it.

Some of China’s key fertilizer companies are to suspend exports. This is a temporary measure to ensure there is enough supply in the domestic market.

Australia PPI for Q2 +0.7% q/q (prior +0.4%). Australia Private Sector Credit for June +0.9% m/m (expected 0.4%).

France Q2 preliminary GDP +0.9% vs +0.8% q/q expected.

Japan Retail sales for May +3.1% m/m (vs. expected +2.7%). Japan Industrial Production for June 2021 +6.2% m/m (preliminary) (vs. expected 5.0%). Japan Jobless (Unemployment) rate for June: 2.9% (expected 3%, prior 3%).

Iron Ore prices once again moved lower overnight with analysts citing the Chinese property market as a key concern. It has been noted that Chinese authorities there urged the cities of Yinchuan, Xuzhou, Jinhua, Quanzhou and Huizhou to stabilize their property markets with stronger regulation.

Workers in the Andina copper mine in Chile have chosen to go on strike.

Looking ahead to the rest of the session highlights include German GDP, EU CPI, EU unemployment rate, US PCE, Canadian GDP, and Michigan consumer expectation data. There will also be earnings from Glencore.

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