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Gold and silver have moved lower heading into the European cash open. The yellow metal is trading -0.38% lower while silver has dropped -0.43%. In the rest of the commodities complex, copper is just above flat while spot WTI has called -0.37%.
Risk sentiment overnight was slightly mixed. The ASX (0.33%) and Shanghai Composite (0.60%) traded well but the Nikkei 226 traded just under flat. Futures in Europe are also pointing towards a mixed open.
In FX markets, the dollar index is 0.13% higher and the biggest mover is AUD/USD which fell 0.20%. BTC/USD is still flirting with the $50K area.
Looking at some of the news stories overnight, BOJ's Nakamura has said the rise in COVID-19 infections outpacing what we expected in July.
US VP Harris stated, "we need to raise the pressure on Beijing" and challenge the bullying from the nation.
Australia Construction work done for Q2 +0.8% q/q (vs. expected 2.5%, prior 2.4%).
Citi is considering offering bitcoin futures trading to some institutional clients.
China's Ningbo port has now reopened after 2 days following a COVID-19 outbreak.
New Zealand trade balance for July NZD -402m (vs. prior NZD 261m).
The U.S. House voted to approve a blueprint for the infrastructure plans worth around $3.5trl (220 vs 212).
Looking ahead to the rest of the session highlights include German IFO, U.S. durable goods data, weekly DoE's and comments from ECB's de Guindos.
By Rajan Dhall
For Kitco News
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