Gold and silver trade higher leading into the European open

LONDON (June 2)  Gold (0.27%) and silver (0.61%) both trade higher leading to the European cash open. Elsewhere in the commodities complex, copper is 0.34% higher and spot WTI has fallen 1.44%.

In stock markets, the Nikkei 225 (-0.16%) and ASX (-0.80%) both fell while the Shanghai Composite (0.41%) outperformed. Futures in Europe are indicating a positive open. 

In FX markets, USD/CHF was the biggest mover falling 0.46% and the dollar index is down 0.14%. In the crypto space, BTC/USD is trading 0.24% higher at $29,865. 

News from overnight:

China orders state-owned banks to set up a $120bn line of credit for infrastructure projects.

U.S. authorities are ready to implement a ban on imports from China's Xinjiang region this month.

China’s ambassador to Australia says trade sanctions on Australia will not be removed.

Japan authorities suggest a boost to the minimum wage.

BoJ's Adachi says tightening policy to stem yen weakness would squeeze corporate funding.

Australia says will take action to ensure reliability, and affordability for domestic energy.

Switzerland May CPI +2.9% vs +2.6% y/y expected.

Australian Trade Balance for April: +10,495mn (expected +9000mn, prior +9,314mn).

New Zealand export prices rose 7.8% q/q in Q1. Terms of trade +0.5% q/q.

Looking ahead to the rest of the session highlights include U.S ADP, Challenger, initial jobless claims, factory orders, and comments from Fed's Mester and Logan. Today is also a bank holiday in the U.K. due to the Queen's Jubilee.

KITCO