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Gold and silver trade higher leading into the European open

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(Kitco News) - Gold (0.07%) and silver (0.62%) are both trading above flat heading into the European open. In the rest of the commodities complex, copper (-0.52%) and spot WTI (-0.75%) both traded in the red.

Stock markets in the Asia Pac area were mixed overnight. The Nikkei 225 (1.03%) and ASX (0.25%) moved higher but the Shanghai Composite fell 0.16%. Futures in Europe are pointing to a positive cash open.

USD/JPY was the biggest mover in FX overnight climbing 0.35%. In the crypto space, BTC/USD is trading at $20,369.

News from overnight:

The RBA cash rate target is raised to 1.35% from previously 0.85% as expected.

China to set up a 500bn yuan state infrastructure fund.

Australia and China's Foreign Ministers expected to meet this week.

China's deputy PM Liu spoke with US Treasury Sec Yellen on the economy and supply chains.

Chinese media: Biden is likely to roll back some China tariffs this week.

Chile's Codelco's copper output fell 6.3% Y/Y.

China Caixin / Markit Services PMI for June: 54.5 (expected 47.3).

Jibun / Markit Japan services PMI for June: 54.0 (prior 52.6).

Australia Markit Service PMI June: 52.6 (prior 53.2).

Australian Construction PMI for June 46.2 (prior 50.4).

Looking ahead to the rest of the session highlights include services PMIs and comments from BoE's Tenreyro. 

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.