Gold retraces very slightly ahead of the European open

LONDON (July 6)  After a tough session on Tuesday gold is trading 0.06% higher leading into the European open. Silver is down just over 1%. In the rest of the commodities complex, copper is down 2.40% and spot WTI has lost 0.60%. 

Risk sentiment in the Asia Pac area was negative overnight. The Nikkei 225 (-1.15%), ASX (-0.52%) and Shanghai Composite (-1.72%) all struggled. Futures in Europe are indicating a positive open.

After some serious USD strength on Tuesday, some of the majors are retracing a little. USD/JPY is the biggest mover overnight falling 0.35%. In the crypto space, BTC/USD is trading 1.32% lower at $19,896.

News from overnight:

U.K. Chancellor Sunak and Health Minister Javid have announced they are to resign from Boris Johnson's government. 

Another (U.K.) Conservative government minister has just resigned and this time it's the Solicitor General.

BoE Deputy Governor Cunliffe said that the BoE can see signs that the economy is already slowing.

The U.S. is to meet with China to bring up human rights issues.

China's Xi'an city has entered a 7-day period of 'temporary control measures'.

German Industrial Orders MM (May) 0.1% (Forecast -0.5%, Previous -2.7%).

Looking ahead to the rest of the session highlights include EZ retail sales, U.S. ISM services PMI, and comments from Fed's Williams and BoE's Pill. 

KITCO