DJ PRECIOUS METALS: NY Gold Seen Up $6, Silver Up 6 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 $6 an ounce higher Friday, 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 6 cents an
ounce.
At 7:56 a.m. EST, spot gold was trading up $6.65 to $739.17.
In overnight activity, spot gold prices were roughly unchanged Friday and
market participants said the metal would likely remain range bound watching
currency moves and non-farm payrolls due later in the day.
Comments from the European Central Bank president and those in the
International Monetary Fund's latest report indicate inflation is easing and
that will pressure gold going forward, traders and analysts said.
In other markets that have the potential to impact metals in the short term,
the euro is up to $1.2784 from $1.2711 late Thursday afternoon. In screen
trading ahead of the pit open, the December S&P 500 futures are up 7.70 points
to 912.20. December crude is up $1.41 to $62.18 in overnight activity.
U.S. economic reports on Friday include:
- October employment data at 8:30 a.m. EST (1330 GMT), with non-farm payrolls
expected down 200,000 and the unemployment rate expected at 6.3%;
- September wholesale trade numbers at 10 a.m. EST (1500 GMT), expected up
0.4%;
- September pending home sales at 11:30 a.m. EST (1630 GMT), with the index
for pending home sales expected -3.7%;
- September consumer credit at 3 p.m. EDT (2000 GMT), with consumer credit
outstanding expected up $1 billion.
In New York Thursday, gold futures reversed gains on liquidation pressure
from funds as participants fled into the U.S. dollar while equities also fell.
December gold fell $10.20 to settle at $732.20. December silver fell 40 cents
to settle at $10.055 an ounce.
Comex gold warehouse stocks were unchanged at 8,565,448 ounces Thursday,
while silver stocks were unchanged at 130,209,760 ounces.
-By Matt Whittaker, Dow Jones Newswires; 201-938-5959;
matt.whittaker@dowjones.com
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