DJ PRECIOUS METALS: NY Gold Seen Up $3, Silver Up 1 Cent
NEW YORK (Dow Jones)--February gold futures are expected to open floor
trading in New York around $3 an ounce higher Thursday, 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 about 1 cent an ounce.
At 7:55 a.m. EST, spot gold was trading down $1.60 to $809.90.
In overnight activity, spot gold tread water Thursday ahead of the European
Central Bank interest rate decision. The ECB later said it cut its main
refinancing rate by 50 basis points to 2%, as widely expected.
In other markets that have the potential to impact metals in the short term,
the euro is down to $1.3100 from $1.3190 late Wednesday afternoon. In screen
trading ahead of the pit open, the March S&P 500 futures are down 8.70 points
to 831.10. February crude is down 2 cents to $37.26 in overnight activity.
U.S. economic reports on Thursday include:
-- Jan. 10 jobless claims at 8:30 a.m. EST (1330 GMT), expected up 46,000 at
513,000;
-- January New York Fed Empire State Survey at 8:30 a.m. EST (1330 GMT), with
the manufacturing index expected -26;
-- December PPI at 8:30 a.m. EST (1330 GMT), expected -2%;
-- January Philadelphia Fed Manufacturing Index at 10 a.m. EST (1500 GMT)
with business activity expected -36.1.
In New York Wednesday, gold futures faltered as softer equities, a lower euro
and falling crude prices pressured the metal.
February gold fell $11.90 to settle at $808.80. March silver fell 20.5 cents
to settle at $10.475.
Comex gold warehouse stocks were down 4,467 ounces at 8,546,200 ounces
Wednesday, while silver stocks were up 39,390 ounces at 126,867,271 ounces.
-By Matt Whittaker, Dow Jones Newswires; 201-938-5959;
matt.whittaker@dowjones.com
