Gold and silver trade higher leading into the European open

LONDON (July 5)  Gold (0.07%) and silver (0.62%) are both trading above flat heading into the European open. In the rest of the commodities complex, copper (-0.52%) and spot WTI (-0.75%) both traded in the red.

Stock markets in the Asia Pac area were mixed overnight. The Nikkei 225 (1.03%) and ASX (0.25%) moved higher but the Shanghai Composite fell 0.16%. Futures in Europe are pointing to a positive cash open.

USD/JPY was the biggest mover in FX overnight climbing 0.35%. In the crypto space, BTC/USD is trading at $20,369.

News from overnight:

The RBA cash rate target is raised to 1.35% from previously 0.85% as expected.

China to set up a 500bn yuan state infrastructure fund.

Australia and China's Foreign Ministers expected to meet this week.

China's deputy PM Liu spoke with US Treasury Sec Yellen on the economy and supply chains.

Chinese media: Biden is likely to roll back some China tariffs this week.

Chile's Codelco's copper output fell 6.3% Y/Y.

China Caixin / Markit Services PMI for June: 54.5 (expected 47.3).

Jibun / Markit Japan services PMI for June: 54.0 (prior 52.6).

Australia Markit Service PMI June: 52.6 (prior 53.2).

Australian Construction PMI for June 46.2 (prior 50.4).

HOWEVER, BY 07:38am EST the spot gold was hammered down $12 to $1,799.

KITCO