Gold and silver move higher ahead of the European open

LONDON (July 26)  Both gold (0.32%) and silver (0.59%) are trading higher leading into the European cash open. Elsewhere in the commodities complex, copper (1.99%) and spot WTI (2.10%) are trading well as sentiment in commodities picked up in general. 

Risk sentiment was good overall overnight. The ASX (0.26%) and Shanghai Composite (0.80%) performed well but the Nikkei 225 fell 0.24%. Futures in Europe are projecting a negative cash open. 

FX markets were slightly quiet. The biggest mover overnight was USD/CAD which fell 0.13%. In the crypto space, BTC/USD is trading at $21,078.

News from overnight:

Japan raises its overall view on the economy for the first time in three months.

RBNZ governor says the central bank is reviewing recent monetary policy conduct.

Coinbase is facing a probe by the US SEC over crypto listings.

Amazon Prime to ramp its price higher in Europe and the UK. Up to 43% price hikes.

European crypto "exchange" Bitstamp has obtained approval to operate in Italy.

ECB's Visco says the Bank will raise rates in a gradual way.

South Korean Q2 GDP +0.7% q/q, beating estimate of +0.4%.

Looking ahead to the rest of the session highlights include U.S. consumer confidence, monthly home prices, Richmond Fed, the IMF short term forecasts, the EU energy summit and earnings continue. 

HOWEVER, by 07:22am EST spot gold was lower by $8 at $1716, while spot silver declined by 5 cents to $18.48.

KITCO