Gold and silver move higher ahead of the European open

LONDON (July  18)  Gold and silver have moved higher at the start of the new trading week. Gold is 0.44% higher while silver has moved 0.75% into the black. In the rest of the commodities complex, copper (1.56%) and spot WTI (1.83%) moved into positive territory. 

Stocks started the week on the front foot as futures in Europe are positive and the Nikkei 225 (0.54%), ASX (1.23%), and Shanghai Composite (1.39%) closed positive. 

In FX markets, the greenback has pulled back. The biggest mover is GBP/USD which has risen 0.35%. In the crypto space, BTC/USD (6.60%) is trading at $22,196.

News from the weekend:

Shanghai to conduct mass COVID testing July 19-21 in 9 districts.

Chinese authorities moving to underpin the troubled construction sector.

China's Vice Premier is urging stronger steps to be taken to boost employment.

PBOC Governor Yi Gang promised more support for the economy.

New Zealand Q2 CPI 1.7% q/q (expected 1.5%).

New Zealand services PMI for June up to 55.4 (prior 55.3).

kitco