Gold is trading marginally lower ahead of the European open

LONDON (Aug 1)  Gold (-0.06%) is trading flat ahead of the European open but silver is down 0.65%. Elsewhere in the commodities complex, copper (-0.76%) and spot WTI (-0.51%) are both struggling as nearly all commodities have had a tough start to the week.

Risk sentiment was positive in the Asia Pac area as the Nikkei 225 (0.69%), ASX (0.69%), and Shanghai Composite (0.12%) all closed higher. Futures in Europe are pointing to a negative open.

In FX markets, USD/JPY was the biggest mover overnight falling 0.62%. In the crypto space, BTC/USD (-0.39%) is trading at $23,217.

News from overnight at the weekend:

Fed's Kashkari: We are a long way away from achieving 2% inflation.

Fed's Kashkari: Markets have gotten ahead of themselves by forecasting a cut in rates next year. 

BoK Governor Rhee says it is desirable to raise rates by 25bp instead of 50bp.

China is shooting to cut energy consumption per unit industrial output by 13.5% by 2025.

Sales at China's top 100 property developers fell 40% in July.

China Markit Manufacturing PMI 50.4 (expected 51.5).

Japan Jibun Markit final manufacturing PMI July 52.1 (prior 52.7).

Australian S&P Global Manufacturing PMI for July, final: 55.7 (prior 56.2).

Germany June retail sales -1.6% vs +0.2% m/m expected.

Australian ANZ Job Advertisements for July -1.1% m/m (prior 0.4%).

Australia July inflation 1.2% m/m (prior 0.3%).

KITCO