DJ PRECIOUS METALS: NY Gold Seen Up $18, Silver Up 34 Cents
DOW JONES NEWSWIRES
February gold futures are expected to open floor trading in New York around
$18 an ounce higher Monday, 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 34 cents an ounce.
Stronger equities and a weaker U.S. dollar sent the precious metals sharply
higher in overseas trading, London-based analysts said.
At 7:57 a.m. EST, spot gold was trading up $15.35 to $771.
In other markets that have the potential to impact metals in the short term,
the euro is up to $1.2849 from $1.2721 late Friday afternoon. In screen trading
ahead of the pit open, the December S&P 500 futures are up 26.80 points to
899.50. January crude oil is up $2.54 to $43.35 a barrel in overnight activity.
The lone U.S. economic report on the calendar Monday is the Conference
Board's employment-trends index due out at 10 a.m. EST (1500 GMT).
In New York Friday, weaker-than-expected payrolls numbers sparked
deflationary concern to pressure gold, but the metal recouped some losses on
short covering and safety buying. February gold fell $13.30, or more than
1.7%, to settle at $752.20 an ounce, although this was up from the day's low of
$741.20. March silver fell 9 cents, or less than 1%, to settle at $9.43 an
ounce.
Comex gold warehouse stocks were down 65 ounces at 8,519,803 ounces Friday,
while silver stocks were up 532,636 ounces at 129,607,560 ounces.
-By Allen Sykora, Dow Jones Newswires; 541-318-8765;
allen.sykora@dowjones.com
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