DJ PRECIOUS METALS: NY Gold Seen Down $3, Silver Down 12 Cents
June gold futures are expected to open floor trading in
New York around $3 an ounce lower Wednesday, 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 down about 12 cents an ounce.
In overnight activity, spot gold traded to a six-week high boosted by U.S.
dollar weakness, and traders and analysts said the technical outlook indicates
the metal could trade higher this week.
At 7:52 a.m. EDT, spot gold was trading down 55 cents to $921.30. The euro
was near steady at $1.3633 from $1.3644 late Tuesday afternoon.
U.S. economic reports on Wednesday include:
-- April import prices at 8:30 a.m. EDT (1230 GMT), expected up 0.7%;
-- April retail and food sales at 8:30 a.m. EDT (1230 GMT), with overall
sales expected up 0.1%;
-- March business inventories at 10 a.m. EDT (1430 GMT), with total
inventories expected down 1.2%;
-- May 15 Energy Department oil inventories at 10:30 a.m. EDT (1430 GMT),
with crude oil stocks expected up 1.3 million barrels.
Comex gold warehouse stocks were unchanged at 8,494,330 ounces Tuesday, while
silver stocks were up 590,540 ounces at 118,098,680 ounces.
