Gold and silver trade marginally lower ahead of the European open

LONDON (June 21) Gold (-0.14%) and silver (-0.08%) are both trading marginally lower heading into the European open. In the rest of the commodities complex, spot WTI (-0.38%) and copper (-0.28%) are both trading in the red. 

Risk sentiment overnight was pretty positive as the Nikkei 225 (1.84%) and ASX (1.41%) closed higher but the Shanghai Composite fell just over half a percent. In Europe, futures are indicating a positive open.

In FX markets, the biggest mover overnight was USD/CAD which fell 0.28%. In the crypto space, BTC/USD rose 2.57% to trade above $21k. 

News from overnight:

RBA Gov Lowe - waters down market expectations of 4% cash rate by year-end.

RBA Gov. Lowe says will discuss a 25 bps or 50bp interest rate hike at the July meeting (July 5).

RBA June meeting minutes say further rate hikes will be needed.

Japan PM Kishida: Rapid yen weakening is a source of concern. He also added We should not tweak monetary policy now.

Bank of Korea Governor: will act in the FX market if herd-like behavior is seen.

Goldman Sachs sees a US recession in the next year, a probability of 30% (prior was 15%).

Switzerland May trade balance of CHF 3.12 billion vs CHF 4.13 billion prior.

KItco