DJ PRECIOUS METALS: NY Gold Seen Down $9, Silver Down 21 Cents
April gold futures are expected to open floor trading
in New York around $9 an ounce lower 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 down about 21 cents an ounce.
At 7:55 a.m. EST, spot gold was trading down $7.12 to $880.40. In overnight
activity, gold fell to its lowest price of the week Thursday as profit-taking
continued to shave more off the recent rally. A rising dollar and weaker crude
oil prices also sapped gold of strength, traders said.
U.S. economic reports on Thursday include:
-Jan. 24 jobless claims at 8:30 a.m. EST (1330 GMT), with weekly jobless
claims expected down 4,000 at 585,000;
-December durable goods at 8:30 a.m. EST (1330 GMT), with total orders
expected down 2%;
-December new home sales at 10 a.m. EST (1500 GMT), with overall sales
expected down 2.9% at 395,000.
Comex gold warehouse stocks were up 9,668 ounces at 8,557,698 ounces
Wednesday, while silver stocks were down 180,306 ounces at 123,636,202 ounces.
-By Matt Whittaker, Dow Jones Newswires; 201-938-5959;
matt.whittaker@dowjones.com
