Gold and silver are flat leading into the European open
Gold and silver are trading flat this morning leading into the European open. Gold is still hanging on to the $1800/oz level while silver is just below $25/oz. In the rest of the commodities complex, copper has dropped 0.69% while spot WTI (0.72%) continues to consolidate after the large fall on Monday.
The indices in the U.S. recovered somewhat during yesterday's session after a tough start to the week. The S&P 500 closed 1.52% higher after falling -1.59% on Monday. Overnight in the Asia Pac area, the major indices followed that lead as the Nikkei 225 (0.46%), ASX (0.86%) and Shanghai Composite (0.73%) all pushed higher overnight.
In FX markets, the dollar index continued to push higher but this time it was AUD/USD that was the biggest casualty falling -0.46%. In the crypto space, bitcoin popped back above $30k and is trading nearly 3% higher.
Looking at the main news stories from overnight, Goldman Sachs says it is looking for $2,000/oz for gold. The investment bank now has a bullish outlook on commodities.
Chinese media is reporting that analysts are expecting the PBOC may lower financing costs further in H2 2021.
The Chinese NRDC has suggested stepping up its game on commodities price monitoring to ensure overall price targets are met this year.
A study has suggested that the JNJ coronavirus vaccine is ineffective against the delta variant and people who have had it will need a booster shot.
US Deputy State Secretary says the US will continue to engage with Chinese officials.
US Senate is set to vote on the infrastructure proposal on Wednesday (after 2.30pm Washington time).
US Democratic Senator Manchin says the two sides are not far apart in infrastructure negotiations.
AuU.S. President Biden said temporary price rises (inflation) were expected and it is also expected to be transitory.
Looking ahead to the rest of the session highlights include U.S. building permits and the earnings season continues. Anglo American are a big highlight from the miners.
By Rajan Dhall
For Kitco News
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