DJ PRECIOUS METALS: NY Gold Seen Up $2, Silver Up 10 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 $2 an ounce higher Tuesday, 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 about 10 cents an ounce.
At 8:01 a.m. EST, spot gold was trading up $11.92 to $780.07. In overnight
activity, gold edged higher Tuesday as the euro strengthened against the
dollar. The euro made strides despite heavy losses in Asian and European equity
markets. Volumes were very thin, leaving many traders waiting for U.S. markets
to open before taking a view on the market's direction.
In other markets that have the potential to impact metals in the short term,
the euro is up to $1.2693 from $1.2609 late Monday afternoon. In screen trading
ahead of the pit open, the December S&P 500 futures are up 15.30 points to
831.10. January crude is down 5 cents to $49.23 in overnight activity.
In New York Monday, gold and other precious metals fell sharply due to
recessionary fears that also weighed on the stock market, as well as a stronger
U.S. dollar, weaker crude oil and chart-based selling, traders and analysts
said. February gold lost $42.20 to $776.80 an ounce. March silver fell 85 cents
to $9.38.
Comex gold warehouse stocks were down 6,299 ounces at 8,510,546 ounces
Monday, while silver stocks were down 54,434 ounces at 128,535,783 ounces.
-By Matt Whittaker, Dow Jones Newswires; 201-938-5959;
matt.whittaker@dowjones.com
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