Make Kitco Your Homepage

Gold and silver are flat 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 and silver are both pretty much flat leading into the European open. All was looking well for gold yesterday but Fed speaker Clarida threw a spanner in the works and the price has come back towards the $1800/oz mark. In the rest of the commodities complex, copper is also flat and spot WTI has dropped -0.16%.

After a mixed session on Wall Street, the Nikkei 225 (0.52%) and ASX (0.11%) both traded higher. The Shanghai Composite fell -0.38% as Chinese equities still remain weak. Futures in Europe are pointing towards a marginally lower cash open.

In FX markets the dollar index still remains firm. The biggest mover overnight was USD/JPY which is 0.23% in the black leading into the EU open. After a decent session, yesterday Bitcoin has dipped 1.60% lower overnight.

Looking at some of the news stories from overnight, Chinese state media agency, Securities Times, flags further measures targetting gaming stocks.

Australian state Queensland records another higher new COVID-19 case count today.

Germany June factory orders +4.1% vs +1.9% m/m expected.

China’s National Petroleum Corp. warns of a 5% decline in short-term oil demand.

Fed's Daly says a rise in house prices will resolve as more supply comes online. Fed's Daly also said the Fed could taper this year or early next year.

Brazil's central bank has raised its benchmark rate by 1%, as expected.

The Dalian exchange said it is investigating over 50 cases of abnormal trading in July.

A major Ethereum update is scheduled today, Thursday 5 August 2021.

According to Coindesk, JP Morgan is launching an in-house Bitcoin fund.

Looking ahead to the rest of the session highlights include the BoE rate decision, U.S. initial jobless claims, U.K. & German construction PMI and comments from Fed's Waller and BoE's Bailey. On the earnings from Glencore are reporting this morning.

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.