Gold and silver are flat heading into the European open

Gold & Silver
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(Kitco News) – Gold and silver are heading into the new week flat. The yellow metal is trading at $1755/oz while silver trades at $22.64/oz. Looking at the rest of the commodities complex copper moved 1.11% higher while spot WTI jumped another 1.52%. 

In terms of risk sentiment, the Nikkei 225 (1.60% ) and Shanghai Composite (0.22%) traded well but the ASX (-0.28%) underperformed. Heading into the EU session futures are indicating a weak open.

In the FX space the main mover was the pound after the comments from the U.K.’s central bankers (see below). The dollar index starts the session marginally lower. In the crypto space, Bitcoin has moved 3.50% higher to trade at its highest level since 12th May.

China’s President Xi said reunification with Taiwan must, will be achieved.

Chinese Vice President Liu exchanged views with USTR Tai on the trade agreement during a virtual discussion over the weekend.

NZ PM Ardern has said the country’s largest city will remain in Level 3 lockdown.

Nomura estimate of China property developers debt load is $5 trillion.

Floods and landslides in the northern Chinese province of Shanxi (major coal-producing area).

US-China talks on trade: China floated the idea of cancellation of tariffs & sanctions.

Fed’s Daly said longer bottlenecks with high spending would mean inflation.

Bank of England Saunders says market pricing an earlier rate rise is appropriate.

Bank of England Governor Bailey said “obviously I am concerned with inflation above target” he then added “if you look at our last forecast, it is going to go higher I am afraid. As the Bank of England governor, I would prefer it not be there. But we are in very unusual times and what I would say is we have to manage our way through these times”.

Looking ahead to the rest of the session highlights include comments from ECB’s Lane, Elderson, de Cos, and Fed’s Evans. 

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