DJ PRECIOUS METALS: NY Gold Seen Down $11, Silver Down 33 Cents
April gold futures are expected to open floor trading
in New York around $11 an ounce lower Wednesday, 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 33 cents an ounce.
At 8 a.m. EST, spot gold was trading down $3.35 to $958.05. In overnight
activity, spot gold traded to a six-day low in European hours due to continued
profit-taking, with equities in Asia and Europe rising following gains in the
U.S. overnight on remarks from Federal Reserve Chairman Ben Bernanke.
U.S. economic reports on Wednesday include:
-- January existing home sales at 10 a.m. EST (1500 GMT), with total sales
expected down 0.4% at 4.72 million;
--Feb. 20 oil inventories at 10:30 EST (1530 GMT), with crude oil stocks
expected up 1.2 million.
Comex gold warehouse stocks were up 50,151 ounces at 8,517,846 ounces
Tuesday, while silver stocks were up 561,771 ounces at 124,892,694 ounces.
