FU: DJ PRECIOUS METALS: NY Gold Seen Steady, Silver Down 4 Cents
August gold futures are expected to open floor trading in New York around
unchanged levels Wednesday, based on electronic activity ahead of the pit
session at the Comex division of the New York Mercantile Exchange. September
silver is expected to be down 4 cents an ounce.
In other markets that have the potential to impact metals in the short term,
the euro is up slightly to $1.4214 from $1.4197 late Tuesday afternoon. In
screen trading ahead of the pit open, the September S&P 500 futures are down
7.50 points to 946. September crude oil is down $1.01 to $64.60 a barrel in
overnight activity.
The main U.S. economic event Wednesday is another day of congressional
testimony on monetary policy from Federal Reserve Chairman Ben Bernanke, this
time before the Senate Banking panel at 10 a.m. EDT (1400 GMT). Also, weekly
U.S. energy-inventory data is due out at 10:30 a.m. EDT (1430 GMT).
In New York Tuesday, gold futures moved modestly lower as the euro slipped to
its weakest levels, but overall the metal's session was one of consolidation.
August gold fell $1.90 to $946.90 an ounce, while September fell 14.7 cents to
$13.478.
Comex gold warehouse stocks were down 257 ounces at 8,911,826 ounces Tuesday,
while silver stocks were down 3,891 ounces at 118,456,731 ounces.
-By Allen Sykora, Dow Jones Newswires; 541-318-8765;
allen.sykora@dowjones.com
