DJ PRECIOUS METALS: NY Gold Seen Up $17, Silver Up 41 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 $17 an ounce higher Tuesday, 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 41 cents an
ounce.
At 7:47 a.m. EST, spot gold was trading up $20.07 to $743.82.
In overnight activity, spot gold was steady in Europe tracking currency moves
as traders await the outcome of the U.S. presidential election. A win by Barack
Obama is expected to boost the dollar and thus weigh on gold, while a win by
John McCain could weaken the dollar and give gold prices a boost, traders and
analysts said.
In other markets that have the potential to affect metals in the short term,
the euro is up to $1.2833 from $1.2642 late Monday afternoon. In screen trading
ahead of the pit open, the December S&P 500 futures are up 25.40 points to
994.90. December crude is up $1.54 at $65.45 in overnight activity.
U.S. economic reports on Tuesday include September factory orders at 10 a.m.
EST (1500 GMT), with total orders expected down 0.5%.
The U.S. presidential and congressional elections are being held Tuesday.
In New York Monday, gold futures finished higher after paring gains on a
firming U.S. dollar in election-thinned trading conditions. December gold rose
$8.60 to settle at $726.80. December silver rose 2 cents to settle at $9.75.
Comex gold warehouse stocks were unchanged at 8,560,830 ounces Monday, while
silver stocks were up 113,108 ounces at 130,302,861 ounces.
-By Matt Whittaker, Dow Jones Newswires; 201-938-5959;
matt.whittaker@dowjones.com
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