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 8 cents an ounce. At 7:57 a.m. EDT, spot gold was trading down $1.65 to $950.45. In other markets that have the potential to impact metals in the short term, the euro is down to $1.3907 from $1.3984 late Tuesday afternoon. In screen trading ahead of the pit open, the June S&P 500 futures are up 1 point to 909.70. July crude oil is up 48 cents to $62.93 a barrel in overnight activity. U.S. April existing-home sales are scheduled for release at 10 a.m. EDT (1400 GMT), with the consensus forecast for a 2.2% rise to an annual rate of 4.67 million units. In New York Tuesday, gold futures ended lower on pressure from a stronger U.S. dollar, but the metal did pare some losses throughout the session as the dollar gave up some of its gains. June gold lost $5.60 to $953.30 an ounce, while July silver fell 9.5 cents to $14.60. Comex gold warehouse stocks were up 18,062 ounces at 8,315,082 ounces Tuesday, while silver stocks were steady at 120,414,369 ounces.

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