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Gold trades flat heading into the European open

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(Kitco News) - Gold is flat this morning leading into the European open. Silver is trading 0.20% higher at $20.75/oz. In the rest of the commodities complex, spot WTI (0.00%) and copper (0.07%) are also breaking even. 

Risk sentiment overnight was mixed as the Shanghai Composite (1.02%) pushed higher but the Nikkei (-1.54%) and ASX (-1.97%) struggled. Futures in Europe are also pointing towards a negative open. 

In FX markets the dollar index starts the session 0.15% lower and the biggest mover overnight was EUR/USD (0.22%). In the crypto space, BTC/USD is trading at $19,500.

News from overnight:

Saudi Arabia may raise August crude prices to Asia to near-record levels.

Crypto exchange Coinflex probably won’t resume withdrawals on Thursday (via CNBC).

The EU Moves Closer to Strict Anti-Money Laundering Rules on Crypto.

Putin says he does not rule out tensions with Finland and Sweden.

China June Manufacturing PMI 50.2 (expected 50.5) Non-manufacturing 54.7 (expected 52.5).

U.K. Q1 final GDP +0.8% vs +0.8% q/q second estimate.

Germany May import prices +0.9% vs +1.6% m/m expected.

Germany May retail sales +0.6% vs +0.5% m/m expected.

U.K. June Nationwide house prices +0.3% vs +0.5% m/m expected.

U.K. June business barometer 28 (prior 38), vehicle output +13.3% y/y.

New Zealand business confidence (June) -62.6% (prior -55.6%).

Japan Industrial Production for May (preliminary) -7.2% m/m (expected -0.3%).

Looking ahead to the rest of the session highlights include U.S. PCE data, EZ unemployment, Chicago PMI, Riksbank update, and comments from ECB's Lagarde.


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