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(Kitco News) – Gold and Silver are trading higher after both metals had a strong Asian session. The yellow metal is up 0.20% at $ 1,906 / oz while silver is trading at $ 27.94 / oz. Across the rest of the commodities complex, copper moved 0.14% in the dark with spot WTI trading 0.27% higher.
Risk sentiment was rather poor, with the Nikkei 225 falling -0.99% and the ASX down -0.25%, but the Shanghai Composite (0.14%) weathered the trend to stay positive.
In the forex markets, most pairs traded within tight ranges and the AUD / USD was the main driver with a rise of 0.15%. BTC / USD is down 2.37% to $ 34,834.
Watching the weekend news, RBNZ’s Hawkesby said the market is going too far on rate hikes, remember these are conditional.
China’s official PMIs for May show the manufacturing sector topped 51.0 (the estimate was 51.1). Anything over 50 shows that the sector is still in expansionary territory. The May non-manufacturing PMI reading rose to 55.2 from the previous 54.9.
Industrial production in Japan for April + 2.5% m / m (expected + 3.9%).
Chinese think tank says while US tariffs on China are likely to stay in place, common ground could be found
UK drops passport plans for COVID-19 vaccines. Previously, it was going to be a legal requirement to participate in a large gathering event.
WSJ on Biden infrastructure talks stretching through June. The Biden administration said infrastructure talks should show a “clear direction” towards a deal as Congress returns from the recess on June 7, signaling Democrats could prepare to go it alone.
On the coronavirus front, Vietnam has reportedly found a new variant of COVID-19, combining British and Indian strains.
The Chinese regulator has announced a further crackdown on market manipulation. Mainly focusing on commodity markets.
New Zealand says it supports Australia in the trade dispute with China.
Looking ahead to the remainder of the sessions, markets could be calm as the US and UK are both gone on a public holiday. Elsewhere, we need to get the German CPI and comments from German Vice President Buba Buch.
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