Gold and silver trade marginally lower ahead of the European open...but rose $6 to $1,848 by 08:00am - and looking higher

LONDON (June 17)  After a decent session on Thursday gold (-0.62%) prices have retraced ahead of the European open. It is much of the same as silver (-0.28%) but to a lesser extent. In the rest of the commodities complex copper is trading flat but spot WTI is 0.38% higher.

Stock markets in the Asia Pac area traded mixed overnight. The Shanghai Composite rose 1.14% but the ASX (-1.76%) and Nikkei 225 (-1.77%) both struggled after the rout in Europe and America. Futures markets are indicating a positive open in Europe.

In FX markets, the biggest mover overnight was USD/JPY which rose a whopping 1.51% after the BoJ's decision to stand pat on monetary policy. In the crypto space, Bitcoin is trading at $20,807.

BoJ announces no change to monetary policy overnight at its latest meeting.

Reports that crypto hedge fund Three Arrows Capital is facing $400 mn in liquidations.

U.S. Energy Secretary Granholm is expected to meet refining executives to discuss gas prices.

U.S. Treasury Secretary Yellen says Congress must take action on digital asset regulation.

Italian PM Draghi said ECB rate rises will be more gradual than from the FOMC.

Germany's Finance Minister tells ECB President Lagarde fragmentation plan talk dents confidence

U.S. President Biden says a recession is not inevitable.

China is said to have a plan for iron ore price control (plans a buying cartel) according to reports. 

New Zealand Manufacturing PMI for May: 52.9 (prior 51.2).

Looking ahead to the rest of the session highlights include EU CPI, quadruple witching and comments from Fed Chair Powell.

HOWEVER, BY 07:55am SPOT GOLD IS UP $5 TO $1,847...LOOKING TOWARD $2,000 SOON.

KITCO