DJ PRECIOUS METALS: NY Gold Seen Up $6, Silver Up 20 Cents
DOW JONES NEWSWIRES
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. March silver
is expected to be up 20 cents an ounce.
Spot gold upticked during the night due to a softer tone in the U.S. dollar
against the euro, London-based traders said. At 7:54 a.m. EST, spot gold was
trading up $10.40 to $756.35.
In other markets that have the potential to impact metals in the short term,
the euro is up to $1.2593 from $1.2453 late Thursday afternoon. In screen
trading ahead of the pit open, the December S&P 500 futures are up 20.10 points
to 768.40. December crude oil is up 78 cents to $50.20 a barrel in overnight
activity.
No major U.S. economic reports are on the calendar.
In New York Thursday, gold futures bucked a widespread commodities and
equities selloff as participants sought a safe haven - a type of buying that
has been overshadowed during the metal's recent declines. December gold rose
$12.70 to $748.70 an ounce. Meanwhile, March silver fell 28.9 cents, or more
than 3%, to settle at $9.049 an ounce.
Comex gold warehouse stocks were down 100 ounces at 8,108,878 ounces
Thursday, while silver stocks were down 14,106 ounces at 128,649,234 ounces.
-By Allen Sykora, Dow Jones Newswires; 541-318-8765;
allen.sykora@dowjones.com
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