DJ PRECIOUS METALS: NY Gold Seen Up 50c, Silver Down 4 Cents
DOW JONES NEWSWIRES
February gold futures are expected to open floor trading in New York around
50 cents 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 down 4 cents an ounce.
The metals have consolidated as equities did likewise and the dollar remained
in a narrow range, said London-based analysts.
At 7:54 a.m. EST (1254 GMT), spot gold was trading down $1.55 to $771.
In other markets that have the potential to affect metals in the short term,
the euro is down to $1.2865 from $1.2958 late Monday afternoon. In screen
trading ahead of the pit open, the December S&P 500 futures are up 4.90 points
to 909.20. January crude oil is up 60 cents $44.31 a barrel in overnight
activity.
On the economic front, the pending-home sales index is scheduled for release
at 10:00 a.m. EST (1500 GMT). The forecast is for a 3.5% decline in October.
In New York Monday, a sharp sell-off in the U.S. dollar prompted a rally in
gold and silver, with the stronger tone in equities also underpinning the
metals, analysts said. February gold rose $17.10 to settle at $769.30 an ounce,
while March silver climbed 54.5 cents to $9.975.
Comex gold warehouse stocks were steady at 8,519,803 ounces Monday, while
silver stocks were down 501,059 ounces at 129,106,501 ounces.
-By Allen Sykora, Dow Jones Newswires; 541-318-8765;
allen.sykora@dowjones.com
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