DJ PRECIOUS METALS: NY Gold Seen Down $12, Silver Down 19 Cents
NEW YORK (Dow Jones)--February gold futures are expected to open floor
trading in New York around $12 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 19 cents an
ounce.
At 7:57 a.m. EST (1257 GMT), spot gold was trading down $6.15 to $896.20.
In overnight activity, profit-taking pushed spot gold lower in a quiet
session, although the metal is likely to retain most of its recent gains,
traders said. A resurgence in risk aversion and inflation fears both appear to
be driving investors to gold, they said.
U.S. economic reports on Tuesday include:
-- November Case-Shiller Home Price Index at 9 a.m. EST (1400 GMT), with the
20-city yearly index expected -18.3%;
-- January Conference Board Consumer Confidence Index at 10 a.m. EST (1500
GMT), with the confidence index expected at 39.
The two-day FOMC meeting begins, with an interest rate decision expected
around 2:15 p.m. EST (1915 GMT) Wednesday.
Comex gold warehouse stocks were up 20,613 ounces at 8,559,168 ounces Monday,
while silver stocks were up 506,726 ounces at 124,045,382 ounces.
