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Gold and silver move higher heading into the European open

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(Kitco News) - Gold and silver have both moved higher leading into the European open. The yellow metal found some support as the bears tried to take the precious metal towards $1800/oz again and now trades at $1814/oz. Silver is 0.70% higher at $25.66/oz. In the rest of the commodities complex, copper is 0.32% higher and spot WTI has also risen 0.21%.

Risk sentiment in the Asia Pac area was mixed. The ASX (0.36%) and Shanghai Composite (0.82%) pushed higher while the Nikkei 225 dropped -0.21%. Futures in Europe are all pointing towards a positive cash open.

In FX markets, the dollar index seems stuck at 92.00 (-0.07%) but the biggest mover overnight was NZD/USD which moved just over half a percent higher. Bitcoin has continued its decent lower after hitting $40k and now trades at $38143.

Looking at some of the news from overnight, Chinese Caixin service PMI for July reached 54.9 (expected 50.6, prior 50.3).

New Zealand ANZ Commodity Price index for July: -1.4% m/m (prior +0.8%).

Japanese Jibun Bank/Markit Services 47.4 (prior 48.0) & Composite 48.8 (prior 48.9).

Australia - Markit Services PMI for July (final) 44.2 (prior 56.8). Australia Construction PMI for July: 48.7 (prior 55.5).

NZ Q2 Unemployment rate 4.0% (vs. expected 4.5%) & Employment change +1.0% q/q (vs. expected +0.7%).

A U.S. military ship is due to reposition after a vessel was hijacked off the coast of the UAE.

Japan may move into a national state of emergency as the COVID-19 cases pile up.

Looking ahead to the rest of the session highlights include service and composite PMI readings from the major nations, EU retail sales, U.S. ADP NFP data and comments form Fed's Clarida.

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.