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Gold and silver are trading higher leading into the European session on the last trading day of the week. On Thursday gold had another tricky session hitting a high of $1788.1/oz before closing lower and finishing the session at $1775.22/oz. Silver on the other hand has had two days worth of gains and has made a good start so far this morning. In the rest of the commodities complex, copper has used 0.28% higher and spot WTI trades 0.10% in the black.
Looking at risk sentiment overnight the major bourses all moved higher. The Nikkei (0.66%), ASX (0.45%) and Shanghai Composite (1.19%) followed the positive lead from Wall St. Futures in Europe are also pointing towards a positive open.
In FX markets, the biggest mover overnight was once again NZD/USD which rose 0.31%. The dollar index is starting today's session 0.08% lower. In the crypto space, after a daily decent rally yesterday BTC/USD trades 1.62% in the red.
Looking at the major news from late yesterday and overnight, Biden and Co looked to have finally secured the infrastructure spending bill.
US Senate's McConnell says infrastructure framework an 'encouraging sign of progress'China's Bitmain has halted sales of cryptocurrency mining machines to ease selling pressure.
Fed says banks pass stress tests - to lift pandemic restrictions on share buybacks, dividends after June 30
Fed's Barkin says the current rise in inflation is clearly due to temporary factors. He added he doesn't think the U.S. is at max employment yet.
Germany's Altmaier said expects US, EU can agree on steel, aluminum tariffs before the end of the year
U.K. GfK Consumer Confidence (Jun) -9 vs exp -7 prev -9
GfK German Consumer Climate (Jul) -0.3 vs exp -4.0 prev -6.9
Tokyo Core CPI (YoY) (Jun) 0.0% vs exp -0.1% prev -0.2%
Looking ahead to the rest of the session highlights include EZ money supply, U.S. PCE data, Michigan Consumer Sentiment data and the weekly Baker Hughes oil rig count data.
By Rajan Dhall
For Kitco News
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