DJ PRECIOUS METALS: NY Gold Seen Up $4, Silver Up 6 Cents
February gold futures are expected to open floor trading in New York around
$4 an ounce higher Wednesday, 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 6 cents an ounce.
At 7:57 a.m. EST, spot gold was trading up $3.80 to $825.60.
In other markets that have the potential to impact metals in the short term,
the euro is up to $1.3196 from $1.3191 late Tuesday afternoon. In screen
trading ahead of the pit open, the March S&P 500 futures are down 7.80 points
to 861.10. February crude oil is up 85 cents to $38.63 a barrel in overnight
activity.
U.S. economic data Wednesday include:
- December retail sales at 8:30 a.m. EST (1330 GMT), forecast to be down
1.2%, while sales excluding autos are expected to be down 1.5%;
- December import prices at 8:30 a.m. EST (1330 GMT), forecast to fall 6%;
- November business inventories at 10 a.m. EST (1500 GMT), forecast to fall
0.4%; and
- the Federal Reserve's Beige Book report at 2 p.m. EST (1900 GMT).
Weekly energy-inventory data - which can affect crude oil and have a
spillover on metals - are scheduled for release at 10:30 a.m. EST (1530 GMT).
In New York Tuesday, February gold lost 30 cents to settle at $820.70 an
ounce, while March silver fell 7 cents to $10.68.
Comex gold warehouse stocks were down 5,101 ounces at 8,550,667 ounces
Tuesday, while silver stocks were down 628,541 ounces at 126,827,881 ounces.
-By Allen Sykora, Dow Jones Newswires; 541-318-8765;
allen.sykora@dowjones.com
