DJ PRECIOUS METALS: NY Gold Seen Down $3, Silver Down 20 Cents
DOW JONES NEWSWIRES
December gold futures are expected to open floor trading in New York around
$3 an ounce lower Wednesday, 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 down 20 cents an ounce.
At 7:58 a.m. EST, spot gold was trading down $1.85 to $730.50.
In other markets that have the potential to affect metals in the short term,
the euro is up to $1.2539 from $1.2522 late Tuesday afternoon. In screen
trading ahead of the pit open, the December S&P 500 futures are down 1.10
points to 891.90. December crude oil is down $1.10 cents to $58.23 a barrel in
overnight activity.
No major U.S. government reports are scheduled for release Wednesday.
In New York Tuesday, gold and other precious metals fell sharply amid
commodity-wide weakness as the U.S. dollar surged, analysts said. They also
linked some of gold's weakness to a decline in equities, with long liquidation
continuing and funds among the sellers. December gold fell $13.70 to $732.80 an
ounce, while December silver lost 41.5 cents to $9.805.
Comex gold and silver warehouse stocks were steady Tuesday, with gold
standing at 8,372,435 ounces and silver stocks at 129,057,717 ounces.
-By Allen Sykora, Dow Jones Newswires; 541-318-8765;
allen.sykora@dowjones.com
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