Gold and silver trade higher leading into the European open

LONDON (June 27)  Gold (0.57%) and silver (1.50%) have moved higher leading into the European open. In the rest of the commodities complex, spot WTI trades flat while copper has risen 0.90%. 

Indices traded well overnight following on from the Wall Street lead on Friday. The Nikkei 225 (1.43%), ASX (1.94%), and Shanghai Composite (1.01%) all traded in the black. Futures in Europe are indicating a positive open. 

In FX markets, the dollar index has moved slightly lower overnight. There was not too much movement in the major FX pairs. In the crypto space, bitcoin (0.81%) is trading at $21,191.

News from overnight:

The G7 ban imports of gold from Russia.

People's Bank of China (PBOC) is preparing longer trading hours for onshore yuan.

PBOC advisor forecasts China's economic growth at 4.7% this year (reminder, target 5.5%).

Ecuador says its oil output may stop completely in 48 hours.

Early indicators suggest that China’s economy showed some muted improvement in June.

KPMG warns there is a significant risk of a UK recession, with risk to the downside.

BIS warns that the global economic indicators are "flashing red", real risk of stagflation.

China Industrial profits data for May: -6.5% y/y (prior -8.6%).

Looking ahead to the rest of the session highlights include U.S. durable goods orders, EIA update, ECB Sinatra forum, and comments from ECB's Lagarde and Schnabel.

KITCO