DJ PRECIOUS METALS: NY Gold Seen Down $2, Silver Down 8 Cents
April gold futures are expected to open floor trading in New York around $2
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 8 cents an ounce.
At 7:54 a.m. EST, spot gold was trading down $1.25 to $903.60.
In other markets that have the potential to impact metals in the short term,
the euro is up to $1.2855 from $1.2842 late Monday afternoon. In screen trading
ahead of the pit open, the March S&P 500 futures are up 0.10 point to 821.40.
March crude oil is up 32 cents to $40.40 a barrel in overnight activity.
The main U.S. economic report on the calendar Tuesday morning is the
pending-home sales index at 10 a.m. EST (1500 GMT).
In New York Monday, gold futures fell on pressure from a stronger dollar,
weaker equities and oil, and profit-taking. April gold lost $21.20 to settle at
$907.20 an ounce, while March silver fell 15 cents to settle at $12.415.
Comex gold warehouse stocks were down 102 ounces at 8,556,693 ounces Monday,
while silver stocks were down 1,677,088 ounces at 122,224,921 ounces.
-By Allen Sykora, Dow Jones Newswires; 541-318-8765;
allen.sykora@dowjones.com
