DJ PRECIOUS METALS: NY Gold Seen Up $7, 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 $7 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 about 10 cents an ounce.
At 8 a.m. EST, spot gold was trading up $7.42 to $827.82. In overnight
activity, precious metals were higher Monday getting support from U.S. dollar
weakness and traders and analysts said further dollar weakness should attract
fresh buying.
Crude oil and European equities were also lending support across the
commodity complex.
U.S. economic reports on Monday include:
- December NY Fed Empire State Survey at 8:30 a.m. EST (1330 GMT), with the
manufacturing index expected 26.5;
- November industrial production at 9:15 EST (1415 GMT), expected -0.6%.
The two-day December FOMC meeting begins, with an interest rate decision
expected around 2:15 p.m. EST Tuesday
Comex gold warehouse stocks were up 14,925 ounces at 8,553,831 ounces Friday,
while silver stocks were unchanged at 126,826,996 ounces.
-By Matt Whittaker, Dow Jones Newswires; 201-938-5959;
matt.whittaker@dowjones.com
