DJ PRECIOUS METALS: NY Gold Seen Near Steady, Silver Up 4 Cents
By Matt Whittaker
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--August gold futures are expected to open floor trading
in New York around 50 cents an ounce lower Thursday, 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 up about 4 cents an
ounce.
In overnight activity, spot gold traded higher in Europe due to a generally
weak U.S. dollar, and traders said the metal will rise unless the dollar
strengthens significantly. Volumes were light, and both investor and jewelry
demand low, so gold is being traded as a currency hedge and in tandem with
equities.
In recent trading, spot gold was up $2.30 to $952.70. The euro was at $1.4215
from $1.4211 late Wednesday afternoon. In screen trading ahead of the pit open,
the September S&P 500 futures are up 5 points. September crude was down 28
cents.
U.S. economic reports on Thursday include:
-- July 18 jobless claims at 8:30 a.m. EDT (1230 GMT), with weekly jobless
claims expected up 43,000 at 565,000;
-- Existing home sales at 10 a.m. EDT (1400 GMT), with total sales expected
up 1.7% at 4.85 million.
Comex gold warehouse stocks were up 10,492 ounces at 8,922,318 ounces
Wednesday, while silver stocks were up 887 ounces at 118,457,618 ounces.
-By Matt Whittaker, Dow Jones Newswires; 212-416-2139;
matt.whittaker@dowjones.com
