Gold and silver move higher heading into the European open

Although gold closed higher during Tuesday's session it retreated from the high of $1815.05/oz and this morning the yellow metal has once again moved higher in the Asia Pac session to trade just above $1800/oz. Silver ($26.32/oz) has also moved higher but has not pared all the losses from yesterday's session. In the rest of the commodities complex, copper trades 1.47% higher at $4.30/lb and spot WTI is trading flat after a heavy session.

It was another mixed session in the Asia Pac area. The ASX (0.90%) and Shanghai Composite (0.73%) traded well but the Nikkei 225 lost -0.96%. Futures in Europe are pointing towards a positive cash open.

In FX markets, the dollar index trades just under flat and the biggest mover overnight was NZD/USD which rose 0.15%. In the crypto space, bitcoin trades marginally higher at $34,763 but remains in consolidation mode.

Looking at some of the news stories from overnight China's state media has said don't bet on further declines for the yuan.

On the COVID front, Sydney’s lockdown extension was officially confirmed for at least one more week.

In China, the PBOC stepped up its ban on cryptocurrency operations. The price of bitcoin held up well considering the news.

The San Rafael mine in Mexico is said to be reopening after unions and reps finally had some positive conversations following months of tough talks.

Germany May industrial production -0.3% vs +0.5% m/m expected.

UK June Halifax house prices -0.5% vs +1.5% m/m expected.

Looking ahead to the rest of the session highlights include the FOMC minutes, U.S. Jolts jobs data, Candian Ivey PMI and comments from Fed's Bostic, ECB's Enria. U.K. listed iron ore miner Ferrexpo also has earnings.
 

By Rajan Dhall

For Kitco News

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