DJ PRECIOUS METALS: NY Gold Seen Up $23, Silver Up 24 Cents
DOW JONES NEWSWIRES
February gold futures are expected to open floor trading in New York around
$23 an ounce higher Thursday, 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 24 cents an ounce.
Gold continued its recent surge overnight, helped by a stronger euro against
the dollar and rising crude oil, London-based analysts said. The move was
exacerbated by short covering and thin volume ahead of year end, they added.
At 7:58 a.m. EST, spot gold was trading up $21.15 to $831.40.
In other markets that have the potential to impact metals in the short term,
the euro is up to $1.3240 from $1.3022 late Wednesday afternoon. In screen
trading ahead of the pit open, the December S&P 500 futures are down 11.65
points to 851.20. January crude oil is up $2.03 to $45.55 a barrel in overnight
activity.
U.S. economic data at 8:30 a.m. EST (1330 GMT) Thursday include initial
jobless claims (forecast to rise 24,000 to 533,000) the October trade deficit
(expected to narrow to $52.8 billion) and November import prices (expected to
fall 6%).
In New York Wednesday, technical buying helped push gold futures sharply
higher. The impetus came from improved risk appetite as stocks upticked during
the early part of the day, a weaker dollar and higher crude oil, analysts said.
February gold rose $34.60 to $808.80 an ounce. March silver lagged but
followed, adding 35 cents to $10.20.
Comex gold warehouse stocks were down 300 ounces at 8,529,503 ounces
Wednesday, while silver stocks were down 804,998 ounces at 127,528,896 ounces.
-By Allen Sykora, Dow Jones Newswires; 541-318-8765;
allen.sykora@dowjones.com
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