DJ PRECIOUS METALS: NY Gold Seen Down $25, Silver Down 50 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 $25 an ounce lower 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 down about 50 cents an
ounce.
At 7:55 a.m. EST, spot gold was trading down $20.03 to $853.82. In overnight
activity, spot gold was trading lower in Europe, weighed down by a weaker euro
against the U.S. dollar.
Traders and analysts said the metal could get further selling pressure if
equities continue to rise and the dollar strengthens.
The euro is down to $1.3563 from $1.3919 late Friday afternoon.
U.S. economic reports on Monday include November construction spending at 10
a.m. EST (1500 GMT), with new construction expected down 1.2%.
In New York Friday, gold futures fell as participants booked profits in thin
trading conditions. February gold declined $4.80 to settle at $879.50. March
silver rose 19.5 cents to settle at $11.49 an ounce.
Comex gold warehouse stocks were down 302 ounces at 8,534,570 ounces Friday,
while silver stocks were down 849,589 ounces at 126,842,729 ounces.
-By Matt Whittaker, Dow Jones Newswires; 201-938-5959;
matt.whittaker@dowjones.com
