DJ PRECIOUS METALS: NY Gold Seen Up $5, Silver Up 23 Cents
NEW YORK (Dow Jones)--June gold futures are expected to open floor trading in
New York around $5 an ounce higher Monday, based on electronic activity ahead
of the pit session at the Comex division of the New York Mercantile Exchange.
May silver is expected to be up about 23 cents an ounce.
At 7:51 a.m. EDT, spot gold was trading up $4.15 to $872.05. In overnight
activity, spot gold edged higher in a modest correction to the recent selloff.
Traders said the bounce might be short-lived as strengthening risk appetite is
driving equity markets higher and should weaken safe-haven demand for gold.
In other markets that have the potential to impact metals in the short term,
the euro is down to $1.2964 from $1.3041 late Friday afternoon. In screen
trading ahead of the pit open, the June S&P 500 futures are down 12.50 points
to 854.30. May crude is down $2.57 to $47.76 in overnight activity.
U.S. economic reports on Monday include the Chicago Fed nationally activity
index at 8:30 a.m. EDT (1230 GMT) and the Conference Board index of leading
economic indicators at 10 a.m. EDT (1400 GMT).
In New York Friday, gold futures retreated as risk appetite continued to
increase and the U.S. dollar rose, with further downside for the metal seen
from continued investor selling. June gold lost $11.90 to settle at $867.90.
May silver shed 46.5 cents to settle at $11.79 an ounce.
Comex gold warehouse stocks were up 404 ounces at 8,444,142 ounces Friday,
while silver stocks were up 597,414 ounces at 115,954,726 ounces.
