DJ PRECIOUS METALS: NY Gold Seen Down $4, Silver Down 17 Cents
DOW JONES NEWSWIRES
December gold futures are expected to open floor trading in New York around
$4 an ounce lower Thursday, 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 17 cents an ounce.
At 7:58 a.m. EST, spot gold was trading up $3.20 to $714.75.
In other markets that have the potential to affect metals in the short term,
the euro is up to $1.2529 from $1.2504 late Wednesday afternoon. In screen
trading ahead of the pit open, the December S&P 500 futures are up 3.40 points
to 856.90. December crude oil is up 56 cents to $56.72 a barrel in overnight
activity.
U.S. economic data due out at 8:30 a.m. EST (1330 GMT) Thursday include the
September trade deficit (forecast at $57.3 billion after $59.14 billion in
August) and weekly jobless claims (expected to rise 4,000 to 485,000).
Weekly energy-inventory data - which can affect crude oil, which in turn
often leads metals - is scheduled for release at 11 a.m. EST (1600 GMT).
In New York Wednesday, a continuation of some of the recent fund selling sent
gold futures lower as commodities such as crude oil eased and stocks also
declined, traders and analysts said. December gold lost $14.50 to $718.30 an
ounce, while December silver fell 32.5 cents to $9.48.
Comex gold warehouse stocks were down 398 ounces at 8,372,037 ounces
Wednesday, while silver stocks were up 1,146,367 ounces at 130,204,084 ounces.
-By Allen Sykora, Dow Jones Newswires; 541-318-8765;
allen.sykora@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most
important business and market news, analysis and commentary:
http://www.djnewsplus.com/al?rnd=1bP0hrf3cEF8XItNaEuUZQ%3D%3D. You can use this
link on the day this article is published and the following day.
