DJ PRECIOUS METALS: NY Gold Seen Near Steady, Silver Dn 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 20 cents lower Friday, 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 7:59 a.m. EST, spot gold was trading down $4.40 to $810.30. In overnight
activity, gold drifted lower Friday on a quiet day for markets after the U.S.
Thanksgiving holiday.
Gold will likely continue to trade in a narrow range as foreign exchange and
equity markets aren't expected to move substantially, traders said.
Although U.S. markets are open Friday, many market participants are taking
the day off, they said.
In other markets that have the potential to impact metals in the short term,
the euro is down to $1.2709. In screen trading ahead of the pit open, the
December S&P 500 futures are down 6.6 points. January crude is down 74 cents.
In New York Wednesday, a stronger U.S. dollar as well as profit-taking
heading into the Thanksgiving holiday and week's and month's end pressured gold
futures.
February gold lost $9.20 to settle at $811.30. March silver fell 3.6 cents to
settle at $10.269
Comex gold warehouse stocks were down 1,347 ounces at 8,516,845 ounces
Wednesday, while silver stocks were down 628,809 ounces at 128,600,731 ounces.
-By Matt Whittaker, Dow Jones Newswires; 201-938-5959;
matt.whittaker@dowjones.com
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