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Gold flirts with $1900/oz ahead of the European open

Admin
Jun 8, 2021 Precious Metals News Comments Off on Gold flirts with $1900/oz ahead of the European open



Editor’s Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today’s must-read news and expert opinions. Sign up here!

(Wallace Refiners) – Gold is flat this morning heading into the European open while live is trading marginally lower. After yesterday’s 0.47% rise the yellow metal is now flirting with $1900/oz again this morning while silver is yet to break $28/oz. In the rest of the commodities markets copper (-0.45%) and spot WTI (-0.69%) both trade in the red.

After a mixed close in the U.S., it was much of the same in the Asia Pac area. The Nikkei 225 finished flat while the ASX moved 0.15% higher. The Shanghai Composite struggled and dropped -0.69%. Over in the EU, futures are pointing towards a slightly negative open.

In the FX markets, the dollar index trades 0.10% higher and the biggest mover overnight was USD/JPY which moved 0.19% higher and this was closely followed by GBP/USD which fell -018%. In the crypto space, BTC/USD has taken another dive and now trades at $32,812 leaving traders wondering if $30k will be broken at some point.

Looking at the news from overnight, China state media advise Australia to diversify its iron ore exports away from China. The state media agency says PBOC may also inject liquidity.

China is said to be moving ahead and making progress on legislation to counter U.S. sanctions against them.

Australia NAB business confidence for May hit 20 (prior 26) and business conditions printed at 37 (prior 32).

Japan GDP final for Q1 2021 -1.0% q/q (prior +2.8%).

Germany April industrial production -1.0% vs +0.4% m/m expected.

El Salvador confirms USD will continue as legal tender in the country.

US President Biden to discuss crypto’s role in ransomware attacks at G7.

US senator says no plans for a further Republican counteroffer on infrastructure. U.S. Capito was said to be sounding not too optimistic ahead of today’s meeting with the President.

Lawrence Livermore National Laboratory in the U.S. says the theory that the COVID-19 virus leaked from a Chinese lab in Wuhan is plausible.

There are reports this morning that the easing of all lockdown restrictions in the U.K. could be delayed by up to two weeks.

Looking ahead to the rest of the session highlights include German ZEW, EU GDP, EIA report (oil), U.S. trade balance, Jolts Job openings and comments from BoE’s Haldane and BOJ Deputy Governor Amamiya.


Disclaimer: The views expressed in this article are those of the author and may not reflect those of Wallace Precious Metals The author has made every effort to ensure accuracy of information provided; however, neither Wallace Precious Metals 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. Wallace Precious Metals 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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