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Gold is trading higher leading into the European open

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(Kitco News) - After closing lower yesterday gold is up half a percent leading into the European open. Silver is currently trading flat. Elsewhere in the commodities complex, copper is 1.05% higher and spot WTI is 0.30% in the black. 

Risk sentiment was mixed overnight. The Nikkei 225 (0.53%) closed higher but the ASX (-0.32%) and Shanghai Composite (-0.72%) struggled. Futures in Europe are indicating a positive cash open. 

In FX markets, the biggest movers overnight were AUD/USD and NZD/USD which both claimed 0.15% in a pretty lackluster session. Bitcoin is flat at $22,997.

News from overnight: 

The Chinese City of Yiwu has locked down some areas.

Taiwan says China has invaded Taiwan's territorial space.

Russian naval ships have joined with Chinese ships sailing near disputed Taiwan islands.

"America stands with Taiwan", says Pelosi.

Switzerland July CPI +3.4% vs +3.5% y/y expected.

Germany June trade balance €6.4 billion vs €0.2 billion expected.

China July services PMI: 55.5 (prior 54.5).

Australian Q2 retail sales rise 1.4% q/q (vs.expected 1.2%).

New Zealand ANZ's commodity price index -2.2% m/m (prior -0.4%)

Japan Jibun July (final) Services PMI 50.3 (vs. prior 54.0).

Australian services PMI for July (final from Markit/S&P Global) is 50.9 (prior 52.6).

New Zealand Q2 unemployment rate 3.3% (vs. expected 3.1%).

Looking ahead to the rest of the session highlights include services PMIs from the major nations, EZ retail sales, U.S. factory orders and comments from Fed's Barkin, Harker and Kashkari. 

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