DJ PRECIOUS METALS: NY Gold Seen Up $2, Silver Up 9 Cents
June gold futures are expected to open floor trading in
New York around $2 an ounce higher Tuesday, 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 9 cents an ounce.
In overnight activity, spot gold edged higher on dollar weakness, although
the bounce in risk appetite driving equity markets higher may weigh on prices
near-term, analysts said.
In recent trading, spot gold was trading up $5.15 to $922.60. The euro was up
to $1.3617 from $1.3555 late Monday afternoon while the June S&P 500 futures
were up 4.70 points at 911.80.
U.S. economic reports on Tuesday include April housing starts at 8:30 a.m.
EDT (1230 GMT) with total starts expected up 2% at 520,000.
Comex gold warehouse stocks were down 205 ounces at 8,501,613 ounces Monday,
while silver stocks were up 579,227 ounces at 119,685,584 ounces.
