Gold price plummets lower ahead of the European open
London (Jun 14) Gold is having a poor start to the week as the yellow metal is trading -0.84% lower at $1860/oz. Silver (-0.40%) is slightly better off trading at $27.76/oz. In the rest of the commodities complex, copper has fallen 0.80% while spot WTI bucked the trend to trade 0.61% higher.
The bourses in the Asia Pac area were also mixed. The Nikkei 225 (0.74%) traded well and the Indian Nifty fell 0.51%. Futures in Europe are also pointing toward a mixed open. Australian and Chinese markets were closed due to public holiday's.
In the FX markets, the biggest mover overnight was NZD/USD. The pair moved 0.20% higher despite the dollar index traded 0.08% in the black. In the crypto space Bitcoin is having a mini-revival as it seems the coin is looking to test 40K once more.
Looking at some of the news from the weekend and overnight, the White House said the G7 agreed on a new global deal called "Build Back a Better World". The deal is said to be on infrastructure and climate.
ECB's Lagarde has once again reiterated that it is too early to debate the end of PEPP purchases.
G7 on China - calls for investigation into COVID origins, calls for end of forced labour in Xinjiang.
The UK Government has approved a 4-week delay to the end of the lockdown - The official statement is out later today.
The EU has said progress has been made on the Iran nuclear deal but difficult issues still remain.
Isreal's Netanyahu lost his 12-year hold on power in Israel after the nations parliament voted in a new coalition government. Naftali Bennett has been sworn in as prime minister after winning a closely contested vote.
Bitcoin prices rose again after Elon Musk tweeted: When there's confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.
KitcoNews
