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Gold and silver are trading slightly lower ahead of the European open

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(Kitco News) - Gold is trading 0.13% lower heading into the European open but remains in a sideways pattern. Silver is 0.26% lower trading at just under $22/oz. In the rest of the commodities complex, copper (-0.72%) and spot WTI (-0.52%) are trading in the red. 

Stocks in the Asia Pac area were subdued overnight. The Nikkei 225 (0.04%) managed to hold its head above water while the ASX (-1.42%) and Shanghai Composite (-0.66%) struggled. Futures in Europe are pointing towards a negative cash open. 

In FX markets, the biggest mover overnight was AUD/USD which fell 0.27% and the dollar index traded 0.05% higher. In the crypto space, BTC/USD remains just above $30k.

News from overnight:

The White House says it expects elevated inflation numbers to be released on Friday. 

China media: "Shanghai Heightens Covid Restrictions After a Spike in Cases Sparks Concern".

Beijing's Chaoyang district to close all entertainment venues for pandemic containment.

Heavy rains in central China have left at least 10 dead, and hundreds of thousands displaced.

China financial media says the Chinese property market has yet to bottom out.

IMF says still some way off inflation in Japan being high enough for policy normalization.

British Chambers of Commerce says 10% inflation will be hit in Q4 2022.

U.K. RICS house price balance for May is 73 (vs. prior 80).

Looking ahead to the rest of the session highlights include the ECB rate decision and U.S. initial jobless claims.

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.