DJ PRECIOUS METALS: NY Gold Seen Up $15, Silver Up 22 Cents
By Matt Whittaker
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--December gold futures are expected to open floor
trading in New York around $15 an ounce higher Monday, based on electronic
activity ahead of the pit session at the Comex division of the New York
Mercantile Exchange. December silver is expected to be up about 22 cents an
ounce.
At 7:49 a.m. EST, spot gold was trading up $11.70 to $734.75. In overnight
activity, spot gold and the rest of the precious metals were getting a boost in
Europe Monday from U.S. dollar weakness against the euro. Market participants
said gold would be on currency watch this week with a slew of data due and rate
cuts expected in Europe, which could cause gold to trade lower if the euro
weakens against the dollar.
In other markets that have the potential to impact metals in the short term,
the euro is up to $1.2838 from $1.2731 late Friday afternoon. In screen trading
ahead of the pit open, the December S&P 500 futures are up 4.6 points to
971.90. December crude is down 95 cents to $66.86 in overnight activity.
U.S. economic reports on Monday include:
- October ISM Manufacturing Index at 10 a.m. EST (1500 GMT), with the
manufacturing business index expected at 41.5;
-- September construction spending at 10 a.m. EST (1500 GMT), with new
construction expected down -0.7%.
In New York on Friday, gold futures declined on pressure from a rising U.S.
dollar and possible reallocation away from the metal and into equities.
December gold fell $20.30 to settle at $718.20. December silver fell 5.5 cents
to settle at $9.73.
Comex gold warehouse stocks were unchanged at 8,560,830 ounces Friday, while
silver stocks were down 252,641 ounces at 130,189,753 ounces.
-By Matt Whittaker, Dow Jones Newswires; 201-938-5959;
matt.whittaker@dowjones.com
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