(Kitco News) - Gold is trading flat leading into the European open on Thursday. On Wednesday's session, gold spiked higher to reached $1795.2/oz but failed to close there and ending the session-0.01% lower at $1777.75/oz. Silver on the other hand is trading 0.24% higher at $25.90/oz. In the rest of the commodities complex, copper has fallen -0.85% and spot WTI is 0.15% in the black.
In the risk markets, the Nikkei 225 closed flat but the ASX (-0.32) and Shanghai Composite (-0.05%) fell in a lackluster session overnight. Futures in Europe are pointing towards a positive open.
There was not a huge amount of movement in FX markets overnight. The biggest mover is once again NZD/USD which gained 0.23% and the dollar index currently trades -0.08% lower. BTC/USD continues to struggle and trades -2.34% in the red.
Looking at the news from overnight, U.S. Senator Romney confirms the 'framework' agreement on infrastructure reached. There are some analysts that are remaining cautious even after the positive news.
U.S. political reports say Pelosi, Schumer not yet endorsing the bipartisan infrastructure proposal.
China's banking regulator says it expects PPI to hit 10%. The Chinese administration has already started attacking commodities prices but the banking regulator still fell PPI will move higher.
National Australia Bank (NAB) is sticking with 2024 as the likely year for an RBA rate hike.
Bank of Korea's Governor Lee says an orderly policy normalization will begin this year. This comes after months of support due to the COVID-19 pandemic.
U.S. negotiators are prepared to return to indirect talks with Iran on the nuclear deal.
Shenzhen’s Yantian container terminal is back in operation after Covid outbreak. This could ease some of the pressure in supply chains around the world.
Fed's Rosengren says markets are not pricing assets as if they expect 3% inflation. He went on to say the economic recovery is robust.
Looking ahead to the rest of the session highlights include the BoE trade decision, German Ifo, U.S. initial jobless claims, U.S. GDP and U.S. durable goods data. We could also get comments from BoE's Bailey, Fed's Williams, Barkin, Bostic, Bullard, Harker, Kaplan, ECB's Schnabel and Panetta.
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June 24, 2021 at 01:50PM
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Gold is trading flat leading into the European open - Kitco NEWS
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