DJ PRECIOUS METALS: NY Gold Seen Up 50c, Silver Up 2 Cents
February gold futures are expected to open floor trading in New York around
50 cents an ounce higher Friday, 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 2 cents an ounce.
At 7:55 a.m. EST, spot gold was trading up $6.20 to $848.20.
In other markets that have the potential to impact metals in the short term,
the euro is up to $1.4065 from $1.4013 late Wednesday afternoon prior to the
Thursday Christmas closure in North America. In screen trading ahead of the pit
open, the March S&P 500 futures are down 3.55 points to 816.20. February crude
oil is up 89 cents to $36.24 a barrel in overnight activity.
No U.S. economic reports are on the calendar for Friday.
In New York Wednesday, gold and silver futures ticked higher in thin
pre-holiday trading with the help of a slightly softer dollar against the euro
and chart-related factors, analysts said. February gold rose $9.90 to $848 an
ounce, and March silver rose 9 cents to $10.35.
Comex gold warehouse stocks were steady at 8,540,002 ounces Wednesday, while
silver stocks were down 1,062 ounces at 126,711,470 ounces.
-By Allen Sykora, Dow Jones Newswires; 541-318-8765;
allen.sykora@dowjones.com
