DJ PRECIOUS METALS: NY Gold Seen Up $3, Silver Down 13 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 $3 an ounce higher 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 about 13 cents an
ounce.
At 8:01 a.m. EST, spot gold was trading down 65 cents at $736.05.
In overnight activity, spot gold prices continued to drift. Spot gold is
expected to keep trading within a $50 range until there is fresh news.
In other markets that have the potential to affect metals in the short term,
the ICE Futures U.S. dollar index is down 0.314 point, the December S&P 500
futures are down 16.90 points, and December crude is down 60 cents.
U.S. economic reports on Wednesday include:
- October housing starts at 8:30 a.m. EST (1330 GMT), with total starts
expected down 4.7% at 779,000;
- October CPI at 8:30 a.m. EST (1330 GMT), expected down 0.8%;
- Nov. 14 oil inventories at 10:35 a.m. EST (1535 GMT), with crude oil stocks
expected up 800,000.
In New York Tuesday, gold futures ended lower as equities' strength faded,
the dollar rose and producer-price data had market participants thinking about
deflation. December gold fell $9.30 to settle at $732.70. December silver rose
22 cents to settle at $9.55.
Comex gold warehouse stocks were down 6,903 ounces at 8,108,978 ounces
Tuesday, while silver stocks were down 314,095 ounces at 128,720,340 ounces.
-By Matt Whittaker, Dow Jones Newswires; 201-938-5959;
matt.whittaker@dowjones.com
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