DJ PRECIOUS METALS: NY Gold Seen Down $7, Silver Down 4 Cents
By Matt Whittaker
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--February gold futures are expected to open floor
trading in New York around $7 an ounce lower Wednesday, 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 down about 4 cents an
ounce.
At 7:57 a.m. EST, spot gold was trading down $8.45 to $811.75. Gold eased
along with the EUR/USD and global equity markets in a quiet session ahead of
the Thanksgiving holiday.
Traders said volumes were thin as markets in general were winding down before
the holiday, with range trading expected until Monday.
In other markets that have the potential to affect metals in the short term,
the euro is down to $1.2923 from $1.3063 late Tuesday afternoon. In screen
trading ahead of the pit open, the December S&P 500 futures are down 18.20
points to 835. January crude is up 62 cents to $51.39 in overnight activity.
U.S. economic reports on Wednesday include:
- Nov. 22 jobless claims at 8:30 a.m. EST (1330 GMT), with weekly jobless
claims expected down 12,000 at 530,000;
- October durable goods orders at 8:30 a.m. EST (1330 GMT), with total orders
expected down 3%;
- October personal income at 8:30 a.m. EST (1330 GMT), with personal income
expected up 0.1% and personal spending expected down 1.2%;
- November Chicago PMI at 9:45 a.m. EST (1445 GMT), with the adjusted
purchasing managers index expected at 38;
- November final Reuters/University of Michigan Survey at 9:55 a.m. EST (1455
GMT), with the end month sentiment index expected at 57.9;
- October new home sales at 10 a.m. EST (1500 GMT), with overall sales
expected down 3% at 450,000;
- Nov. 21 U.S. Energy Department Oil Inventories at 10:35 a.m. EST (1535
GMT), with crude oil stocks expected up 900,000 barrels.
In New York Tuesday, gold futures ended flat after up-and-down trading.
February gold rose 10 cents to settle at $820.50. March silver fell 7.3 cents
to settle at $10.305.
Comex gold warehouse stocks were up 409,314 ounces at 8,518,192 ounces
Tuesday, while silver stocks were up 580,306 ounces at 129,229,540 ounces.
-By Matt Whittaker, Dow Jones Newswires; 201-938-5959;
matt.whittaker@dowjones.com
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