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Gold and silver move higher heading into the European open

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(Kitco News) - Gold and silver are both trading higher leading into the European session. During the Asia Pac session, the yellow metal climbed 0.31% to build on the 0.44% rise on Monday. Silver has also moved 0.28% in the black after a stellar performance during yesterday's session. In the rest of the commodities complex, copper is -0.24% lower and spot WTI is down around -0.41%.

Risk sentiment was once again poor overnight. The Nikkei 225 (-0.31%), ASX (-0.94%) and Shanghai Composite (-2.04%) all traded in negative territory. Leading into the European open futures markets are indicating a negative open.
 
In the FX markets, the dollar index was once again higher. NZD/USD dropped -1.29% and AUD/USD traded over half a percent in the red. Bitcoin is marginally higher trading at $46,044.
 
Looking at some of the major news stories, U.S. President Biden defended his decision to withdraw his troops from Afganistan saying there never would have been a right time to leave the nation.
 
China's market regulator issued draft regulations for clamping down on banning unfair competition in the internet sector.
 
The PBOC could be expected to cut RRR again this year according to the China Securities Journal.
 
NZ PM Ardern confirms the country to go into Level 4 lockdown for three days. This came after a COVID-19 case in Auckland but it is unsure if the case is the delta variant.
 
U.K. July jobless claims change -7.8k vs -114.8k prior.
 
Japan June tertiary industry activity index +2.3% vs -2.7% m/m prior.
 
Fed's Rosengren has said if the U.S. gets another strong jobs report be would be supportive of the Sept taper announcement.
 
There was not too much new information from the RBA minutes. The RBA board said the Delta variant had disrupted the recovery and said their taper was the right choice. Although some members did discuss delaying the tapering announcement.
 
The Chinese NRDC said it would continue to use reserves to stabilize the commodities markets.
 

Looking ahead to the rest of the session highlights include EZ GDP data, U.S. retail sales, U.S. industrial production, comments from Fed's Powell and Kashkari

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