DJ PRECIOUS METALS: NY Gold Seen Up $12, Silver Up 8 Cents
DOW JONES NEWSWIRES
December gold futures are expected to open floor trading in New York around
$12 an ounce higher 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 up 8 cents an ounce.
At 7:55 a.m. EST, spot gold was trading up $12.95 to $748.50.
In other markets that have the potential to affect metals in the short term,
the euro is up to $1.2547 from $1.2490 late Wednesday afternoon. In screen
trading ahead of the pit open, the December S&P 500 futures are down 6.40
points to 806.40. December crude oil is down $1.54 to $52.08 a barrel in
overnight activity.
U.S. economic data Thursday include:
- weekly initial jobless claims at 8:30 a.m. EST (1330 GMT), forecast to be
down 11,000 to 505,000;
- November Philadelphia Fed manufacturing index at 10 a.m. EST (1500 GMT),
business activity forecast at -38; and
- Conference Board's October Leading Economic Indicators at 10 a.m. EST (1500
GMT), forecast to be down 0.5%.
In New York Wednesday, gold futures drastically pared their gains as the U.S.
dollar arrested its slide, erasing much of the support that had overcome
pressure from disinflationary consumer price data. December gold rose $3.30 to
settle at $736 an ounce, well off the day's high of $764.80. December silver
fell 24 cents, or 2.5%, to settle at $9.31 an ounce.
Comex gold warehouse stocks were steady at 8,108,978 ounces Wednesday, while
silver stocks were down 57,000 ounces at 128,663,340 ounces.
-By Allen Sykora, Dow Jones Newswires; 541-318-8765;
allen.sykora@dowjones.com
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