DJ PRECIOUS METALS: NY Gold Seen Down $13, Silver Down 33 Cents
February gold futures are expected to open floor
trading in New York around $13 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 about 33 cents an
ounce.
At 7:56 a.m. EST, spot gold was trading down $14.33 to $844.17. In overnight
activity, spot gold prices were lower in Europe as the U.S. dollar strengthened
further against the euro. Market participants said the precious metal is likely
to suffer further selling pressures if the dollar keeps gaining ground.
The euro is down to $1.3339 from $1.3632 late Monday afternoon.
U.S. economic reports on Tuesday include:
- November pending home sales at 10 a.m. EST (1500 GMT), with the index for
pending home sales expected -1;
- December ISM Non-Manufacturing Composite Index at 10 a.m. EST (1500 GMT),
with the composite index expected at 36.8;
- November factory orders at 10 a.m. EST (1500 GMT), with total orders
expected down 2.2%.
Comex gold warehouse stocks were unchanged at 8,534,570 ounces Monday, while
silver stocks were down 59,520 ounces at 126,783,209 ounces.
-By Matt Whittaker, Dow Jones Newswires; 201-938-5959;
matt.whittaker@dowjones.com
