Compiled 06/01/11 6:00 AM ( CT ) Statistics: London Gold Fix $1,532.25 -$4.75 LME Copper Stocks 470,850 tons +3,075 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) The gold market is showing some minor weakness in the early US trade, despite action in the currency markets that could have lent some support to gold prices. With energy and metals prices in general showing early weakness today, the inflation vibe appears to be largely missing and without some positive private jobs figures today, the fear of slowing might maintain the upper hand over the expectation of inflation. The gold market is at least partially undermined by weakness in Indian gold prices overnight, but the market could have been supported by news from the IMF overnight that both Russia and Mexico added to their official gold reserves last month. It is possible that reduced concerns for the Greek debt crisis was prompting some long liquidation of gold this morning and that action could make the US economic data later today even more critical. Some players think the no-vote on extending the US debt ceiling is also cause for some pressure in gold, but that result was largely anticipated by the trade. Other traders think that it could take a slide in the Dollar back to the May lows in order to see gold begin to draft positively off the action in the currency markets again. Comex Gold Stocks were 11.141 million ounces up 29,301 ounces. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) While equity markets in Asia were mixed during the overnight session, stock indices in Europe are generally weaker this morning. Early indications are that US equity markets would open close to unchanged levels or lower this morning. The US Dollar is slightly weaker against most of the major currencies, although posting a gain versus the Pound. Japanese Prime Minister Kan could face a no-confidence vote in Parliament by the end of this week. EU and IMF inspectors are scheduled to finish a review of Greece's fiscal progress in the next few days. The official Chinese Purchasing Managers index fell to 52.0, lower than expected and at a 9-month low. A private survey of German Manufacturing was at 57.7, lower than forecasts. A private survey of UK Manufacturing was at 52.1, lower than expectations. Major US economic numbers this morning will include April Construction Spending and a private survey of US Manufacturing at 9:00 AM.