· Gold prices dipped on Monday, as an uptick in the dollar dimmed the appeal of the safe-haven metal, although a pullback in U.S. Treasury yields and prospects of a prolonged accommodative interest rate environment limited losses.
· Spot gold was down 0.4% at $1,883.10 per ounce, as of 0637 GMT, after rising more than 1% in the previous session, as last month’s U.S. non-farm payrolls fell short of expectations.
· U.S. gold futures eased 0.3% to $1,886.
· “We are seeing some long covering in Asia today, with risk hedges being unwound after an uneventful news weekend, helped by a slightly stronger U.S. dollar and with bitcoin rallying,” Jeffrey Halley, OANDA senior market analyst, said.
· “Although gold has corrected in recent sessions, the bullish fundamentals remain in place. Only a sharp steepening of the U.S. yield curve is likely to change that.”
· The dollar index strengthened 0.1% against its rivals, making gold more expensive for holders of other currencies.
· Meanwhile, a weaker-than-expected U.S. monthly jobs report calmed investor fears about the Federal Reserve reining in monetary stimulus soon.
· The benchmark 10-year yield slipped below 1.6% and was hovering near a one-week low.
· China’s imports in May grew at their fastest pace in 10 years, fuelled by surging commodity prices, while export growth missed expectations, customs data showed on Monday.
· Investors focus has now shifted to U.S. consumer price report and European Central Bank policy meeting due later this week. Some investors view gold as a hedge against higher inflation that could follow stimulus
measures.
· Democrats will start preparing an infrastructure bill later this week for a vote in the U.S. House of Representatives, with or without Republican support, U.S. Energy Secretary Jennifer Granholm told CNN.
· Spot gold may retreat into a range of $1,864 to $1,877 per ounce, according to Reuters technical analyst Wang Tao.
· Silver dipped 1% to $27.51 per ounce, palladium was steady at $2,846.37, while platinum fell 0.1% to $1,161.32.
· Biden G7, NATO to-do list: unite allies, fight autocracy, attack COVID-19
· G7 tax deal does not unfairly benefit U.S., OECD says
A landmark deal to reform corporate tax payments proposed by the Group of Seven on Saturday will not unfairly benefit the United States, the Organisation for Economic Co-operation and Development said on Monday.
"I wouldn’t agree with your characterisation that this particularly benefits the U.S.," OECD Secretary-General Mathias Cormann told BBC radio.
"I think you’ll find that there are a number of very large multinational U.S. companies that will end up paying more tax in countries around the world, where perhaps at the moment that is not the case," he said.
· U.S. officials up pressure on firms, foreign adversaries over cyberattacks
U.S. officials on Sunday ratcheted up pressure on companies and foreign adversaries to fight cybercriminals, and said President Joe Biden is considering all options, including a military response, to counter the growing threat.
The Biden administration is looking at "all of the options," to defend the country against ransomware criminals, U.S. Commerce Secretary Gina Raimondo said in an interview on Sunday, when asked if military action was being considered.
· UK house prices rise by most in nearly 7 years - Halifax
British house prices in May were 9.5% higher than a year earlier, their biggest annual increase in nearly seven years, mortgage lender Halifax said on Monday.
House prices in May were 1.3% higher than in April, when they rose by 1.5%. Economists polled by Reuters had on average forecast a 1.2% monthly increase and a 10.0% annual rise.
· Supply disruptions cause dip in German industrial orders in April
German industrial orders dropped unexpectedly in April on falling domestic demand, data showed on Monday, as supply chain disruptions held back manufacturers in Europe's largest economy.
The Federal Statistics Offices said orders for industrial goods fell by 0.2% in seasonally adjusted terms, the first drop this year after three successive increases.
The reading confounded a Reuters forecast of a 1.0% rise and came after an upwardly revised increase of 3.9% in March.
A breakdown of the data showed that domestic demand fell by 4.3% while foreign demand rose by 2.7%.
· China's imports grow at fastest pace in decade as materials prices surge
China's imports grew at their fastest pace in 10 years in May, fuelled by surging demand for raw materials, although export growth slowed more than expected amid disruptions caused by COVID-19 cases at the country's major southern ports.
While a brisk recovery in developed markets has bolstered demand for Chinese products, a global semiconductor shortage, higher raw material and freight costs, logistics bottlenecks and a strengthening yuan have dimmed the outlook for the world's largest exporting nation.
China's exports in dollar terms in May grew 27.9% from a year earlier, slower than the 32.3% growth reported in April and missing analysts' forecast of 32.1%.
Imports increased 51.1% on year last month in dollar terms, the fastest growth since January 2011 but slower than the 51.5% rise tipped by the Reuters poll.
· China buys fewer American goods in May; trade surplus grows
China bought fewer American products in May versus the prior month, while exports to the U.S. rose, according to customs data released Monday.
China bought $13.11 billion dollars’ worth of goods from the U.S. in May, down from $13.94 billion in April, data accessed through Wind Information showed. May’s figure marked the lowest monthly amount since October, the data showed.
· EXCLUSIVE China policies could cut millions of Uyghur births in Xinjiang
Chinese birth control policies could cut between 2.6 to 4.5 million births of the Uyghur and other ethnic minorities in southern Xinjiang within 20 years, up to a third of the region’s projected minority population, according to a new analysis by a German researcher.
· China blocks several cryptocurrency-related social media accounts amid crackdown
· S&P upgrades outlook on Australia's AAA rating to stable from negative
S&P Global Ratings upgraded its outlook on Australia's coveted "AAA" sovereign rating to 'stable' from 'negative' on Monday citing the country's "swift economic recovery" from the COVID-19 pandemic driven recession.
Australia's A$2 trillion ($1.55 trillion) economy has rebounded sharply to above pre-pandemic levels thanks to the country's successful handling of the coronavirus pandemic together with massive fiscal and monetary stimulus
· Major Chinese city battles Delta Covid variant first detected in India with lockdowns, mass testing
Thai
Eng