DJ PRECIOUS METALS: NY Gold Seen Up $16, Silver Up 33 Cents
April gold futures are expected to open floor trading in New York around $16
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 33 cents an ounce.
Gold is sharply higher in overseas trading, helped by chart-based factors,
said a London trader. The metal also got a further boost when the Bank of
England cut interest rates by 50 basis points to 1%.
European fund buying occurred all night, said George Gero, vice president
with RBC Capital Markets Global Futures.
At 7:56 a.m., EST, spot gold was trading up $11.80 to $917.45.
In other markets that have the potential to impact metals in the short term,
the euro is down slightly to $1.2838 from $1.2849 late Wednesday afternoon. In
screen trading ahead of the pit open, the March S&P 500 futures are down 6.20
points to 823.60. March crude oil is down 6 cents to $40.26 a barrel in
overnight activity.
U.S. economic data Thursday include:
- fourth-quarter revised non-farm productivity and unit labor costs due out
at 8:30 a.m., EST (1330 GMT), forecast to be up 2% and 3%, respectively;
- first-time weekly jobless claims at 8:30 a.m., EST (1330 GMT), expected to
rise 2,000 to 590,000; and
- December factory orders at 10 a.m., EST (1500 GMT), expected to fall 3.4%.
In New York Wednesday, gold futures rallied on bargain hunting and early
equities strength. April gold rose $9.70 to settle at $902.20 an ounce, while
March silver rose 17 cents to settle at $12.47 an ounce.
Comex gold warehouse stocks were down 1,199 ounces at 8,569,601 ounces
Wednesday, while silver stocks were up 2,329,043 ounces at 124,637,811 ounces.
-By Allen Sykora, Dow Jones Newswires; 541-318-8765;
allen.sykora@dowjones.com
