DJ PRECIOUS METALS: NY Gold Seen Down $1, Silver Down 9 Cents
February gold futures are expected to open floor trading in New York around
$1 an ounce lower 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 9 cents an ounce.
Light profit-taking occurred in gold during overseas trading, London-based
analysts said. They look for near-term direction to be determined by the
currency market.
At 7:56 a.m. EST, spot gold was trading down $2.25 to $845.60.
In other markets that have the potential to have an impact on metals in the
short term, the euro is up to $1.4003 from $1.3944 late Monday afternoon. In
screen trading ahead of the pit open, the March S&P 500 futures are up 0.30
point to 871.70. February crude oil is up 9 cents to $40 a barrel in overnight
activity.
U.S. reports scheduled for release Tuesday include:
- final third-quarter gross domestic product at 8:30 a.m. EST (1330 GMT),
with a contraction of 0.6% forecast;
- University of Michigan consumer-sentiment index at 9:55 a.m. EST (1455
GMT), with the forecast for a 59.1 reading, the same as in the middle of the
month;
- November existing-home sales due out at 10 a.m. EST (1500 GMT), expected to
be down 1.6% to an annualized rate of 4.9 million units; and
- November new-home sales due out at 10 a.m. EST (1500 GMT), expected to fall
4.2% to an annual rate of 415,000.
In New York Monday, the softer tone in the U.S. dollar and a continued bounce
from a Fibonacci support level enabled gold futures to finish higher, traders
and analysts said. February gold added $9.80 to settle at $847.20 an ounce.
Meanwhile, March silver finished up a single penny to $10.86.
Comex gold warehouse stocks were steady at 8,540,002 ounces Monday, while
silver stocks were up 339,900 ounces at 126,845,345 ounces.
-By Allen Sykora, Dow Jones Newswires; 541-318-8765;
allen.sykora@dowjones.com
