Gold and silver trade lower heading into the European open
(Kitco News) - Gold and silver move into the European session lower at the start of the week. Gold is trading 0.60% lower at $1871/oz and silver is down 0.80% at $22.15/oz. Elsewhere in the commodities complex, copper (-1%) and spot WTI (-1.26%) are both trading in the red.
In stock markets, the Nikkei 225 (-2.53%), ASX (-1.18%) and Shanghai Composite (-0.10%) all struggled overnight. Futures in Europe are indicating negative cash open too.
In FX, the dollar index continued its upward charge. The biggest losers were the antipodeans with AUD/USD falling over 1%. In the crypto space, BTC/USD fell over the weekend and starts the week trading at $33,481.
News from the weekend and overnight:
ECB’s Rehn wants a July rate hike - wants rates at zero by autumn.
ECB's Holzmann says two or even three steps to hikes would be appropriate this year.
Japan's PM Kishida says will take steps to phase out imports of Russian oil over time.
China Premier Li Keqiang warns of the 'grave' jobs situation.
Australian union movement seeking an increase to the national minimum wage citing high CPI.
The U.K. to increase tariffs on imports of platinum, and palladium from Russia and Belarus.
Shanghai is tightening its COVID-19 lockdown.
U.K. press reports are suggesting that the government may tweak some parts of the Northern Ireland Brexit rules.
U.S., EU & G7 impose additional sanctions targeting Russia.
China April trade data. Yuan terms Exports +1.9% y/y & Imports -2% y/y.
Japan Jibun Bank/Markit April Services PMI (final) 50.7.
Japanese March 2022 real wages -0.2% y/y.
Looking ahead to the rest of the session highlights include Putin's speech, EZ sentix data, and comments from Fed's Bostic and BoE's Saunders.