DJ PRECIOUS METALS: NY Gold Seen Up $15, Silver Up 12 Cents
DOW JONES NEWSWIRES
February gold futures are expected to open floor trading in New York around
$15 an ounce higher 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 up 12 cents an ounce.
Gold rose overnight in response to moves in other markets - dollar weakness
but upticks in crude oil and stocks, London-based analysts said.
At 7:57 a.m. EST, spot gold was trading up $13.10 to $790.20.
In other markets that have the potential to impact metals in the short term,
the euro is up to $1.2931 from $1.2927 late Tuesday afternoon. In screen
trading ahead of the pit open, the December S&P 500 futures are up 8.50 points
to 898. January crude oil is up $1.78 to $43.85 a barrel in overnight activity.
U.S. October wholesale inventories are due out at 10 a.m. EST (1500 GMT) and
are forecast to fall 0.2%.
Weekly crude-oil inventories - which have the potential to affect the energy
market - are scheduled for release at 10:35 a.m. EST (1535 GMT).
In New York Tuesday, February gold rose $4.90 to $774.20 an ounce after
attracting some fresh speculative buying, perhaps due to long-term concerns
about inflation from stimulus efforts, analysts said. However, silver lagged
gold due to its role as an industrial metal in a recession, and the March
futures lost 12.5 cents to $9.85.
Comex gold warehouse stocks were up 10,000 ounces at 8,529,803 ounces
Tuesday, while silver stocks were down 772,607 ounces at 128,333,894 ounces.
-By Allen Sykora, Dow Jones Newswires; 541-318-8765;
allen.sykora@dowjones.com
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