Gold and silver are mixed leading into the European open

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(Kitco News) – Gold and silver are mixed this morning leading into the European session. The yellow metal finished the session down -0.22% yesterday and is trading below the $1800/oz level this morning. Silver is just at flat but on Monday’s session managed to keep its head above water rising 0.10%. In the rest of the commodities complex, copper has slipped -0.11% after performing well the day before and spot WTI has dropped -0.36%.

In the risk markets, the Chinese bourses struggled once again as the Shanghai Composite fell -2.32%. The Nikkei (0.49%) and ASX (0.50%) had no such problem after taking the lead from Wall Street.

In FX markets, the antipodeans struggled overnight as NZD/USD (-0.18%) and AUD/USD (-0.20%) both fell. USD/JPY also struggled and fell around-0.21% overnight. BTC/USD pulled back from yesterday’s highs and starts the session at $37,246.

Looking at the major stories from overnight, Senate leader Schumer stated that the Senate may need to stay for the weekend to finish the infrastructure deal.

China is considering levies to slow exports of steel, hoping to curb domestic prices.

Australian coal exports at Newcastle are picking up again after multiple disruptions.

Taiwan chip-maker TSMC plans substantial expansion of production. TSMC is the world’s largest chip maker.

China Industrial Profits for June +20% y/y (prior +36.40%).

Australia’s largest population state reports another record high new cases.

Rio Tino (RIO:LSE) said it failed to reach an agreement with workers at its BC aluminum mine. This means production will be reduced by 35% in the area.

Amazon (AMZN:NYSE) denied the report that it will be accepting crypto. The firm also said it will not be launching its own coin but is continuing to explore cryptocurrencies.

Looking ahead to the rest of the session highlights include U.S. core durable goods data, U.S. CB consumer confidence. We could also hear from BoJ’s Kuroda and RBA’s Debelle.


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.

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