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Gold trades flat ahead of the European open

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(Kitco News) – Gold is trading flat leading into the European open while silver is around 0.21% in the black. Looking at the rest of the commodities complex, copper is nearly 1% lower while spot WTI is 0.82% higher. 

Indices were mixed in the Asia Pac area as the Nikkei 225 (0.65%) and Shanghai Composite (0.02%) moved higher but the ASX fell 0.56%. Futures in Europe are indicating mixed open.

In FX markets, the greenback moved lower overnight. The biggest mover was AUD/USD which rose 0.60%. In the crypto space, BTC/USD fell 3.21%. 

News from overnight:

U.S. Senate majority leader Schumer said the Senate is to hold the first procedural vote for the CHIPS act on Tuesday. 

RBA’s Dep Gov Bullock says wages are rising a little more quickly.

Concern about China’s economy mounting with new COVID cases reported near 700.

Russia’s Gazprom has told customers in Europe it cannot guarantee gas supplies.

U.K. June payrolls change +31k vs +90k prior.

Switzerland’s June trade balance CHF 3.80 billion vs CHF 3.12 billion prior.

Looking ahead to the rest of the session highlights include EZ CPI, earnings, and comments from BoE’s Baliey.


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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