DJ PRECIOUS METALS: NY Gold Seen Up $3, Silver Up 10 Cents
June gold futures are expected to open floor trading in
New York around $3 an ounce higher Monday, based on electronic activity ahead
of the pit session at the Comex division of the New York Mercantile Exchange.
July silver is expected to be up about 10 cents an ounce.
At 7:51 a.m. EDT, spot gold was trading up $4.80 to $890.60. In overnight
activity, spot gold rose in Asia in holiday-thinned trade, benefiting from some
Chinese buying, but traders said low volumes likely exaggerated the price move.
U.S. economic reports on Monday include March construction spending and
pending home sales at 10 a.m. EDT (1400 GMT).
In New York Friday, gold futures kept on sliding away from $900 as the
safe-haven allure of the metal dims amid bullishness in other markets. June
gold dropped $3 to settle at $888.20. July silver gained 17.5 cents to settle
at $12.50.
Comex gold warehouse stocks were down 287 ounces at 8,489,480 ounces Friday,
while silver stocks were up 591,896 ounces at 116,810,442 ounces.
