Gold and silver are trading higher ahead of the European open

LONDON (June 6)  Gold is trading 0.17% higher at the start of the week at $1854/oz. Silver (1.45%) is also trading higher at $22.23/oz. In the rest of the commodities complex, copper is 1.29% lower and spot WTI is 0.71% in the red. 

Looking at risk sentiment overnight the Nikkei 225 (0.56%) and Shanghai Composite (1.17%) traded higher but the ASX (-0.45%) fell overnight. Futures in Europe are pointing towards a positive cash open.

In FX markets, the dollar index moved 0.15% lower and GBP/USD was the biggest mover in the majors and traded 0.34% higher. In the crypto space, BTC/USD is 4.45% higher. 

News from the weekend and overnight:

President Biden to order domestic production of solar panels, and other clean energy projects.

Announcement on the vote of no confidence in U.K. PM Boris expected this morning.

Bank of Japan Governor Kuroda says emphatically Japan will not tighten monetary policy.

Goldman Sachs is expecting a patchy recovery for China's economy.

Japan's PM Kishida is likely to want continued BOJ easing even after Kuroda's term ends.

Beijing to further ease back on restrictions.

US Commerce Department: Biden says to remove some China tariffs.

North Korea fired 8 ballistic missiles into the sea off Pyongyang on Sunday.

China Caixin / Markit Services PMI (May) 41.4 (expected 47.3).

Australian Job Ads +0.4% m/m in May.

Australian monthly inflation gauge comes in at +1.1% m/m (prior -0.1%).

KITCO