x
Gold and silver start the week marginally higher. The yellow metal is trading at $1827/oz while silver has moved to $24.77/oz. In the rest of the commodities complex, copper is down -0.31% and spot WTI has dropped -1.07%.
Looking at the risk sentiment in the Asia Pac session, the Nikkei 225 (1.81%), ASX (0.07%), and Shanghai Composite (1.24%) all traded well overnight. Futures in Europe are pointing towards a positive cash open.
In FX markets, it was pretty cagey overnight. The biggest mover was AUD/USD which dropped 0.20% and the dollar index traded 0.08% higher. In the crypto space, BTC/USD moved above $50K to hit $51.839.
Looking at some of the news stories from the weekend and overnight.
A unit of the military seized power and suspended the constitution in Guinea. This was said to be one of the reasons that Aluminium rose overnight.
Germany July factory orders +3.4% vs -1.0% m/m expected.
China's major state-owned banks were reportedly seen buying US dollars late last week, according to a Reuters report.
NZ PM Ardern has said the lockdown is to be eased in all regions outside of Auckland.
Chinese officials are to tighten foreign exchange market supervision.
In Japan, Toro Kono is the front runner to be the new leader of the nation. Kono is currently the regulatory reform and vaccine minister of the nation.
Looking ahead to the rest of the session highlights include U.K. and German construction PMI and comments from BoE's Saunders. The U.S. session is due to be quiet as it is Labor Day in America.
By Rajan Dhall
For Kitco News
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