DJ PRECIOUS METALS: NY Gold Seen Down $1, Silver Up 7 Cents
By Matt Whittaker
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)-December gold futures are expected to open floor trading
in New York around $1 an ounce lower 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 up about 7 cents an ounce.
In overnight activity, spot gold eased from its two-month high as the euro
fell back from its highs against the dollar and longs booked profits.
U.S. economic reports on Wednesday include:
-- July ADP National Employment Report at 8:15 a.m. EDT (1215 GMT), with
private payrolls forecast down 350,000;
-- June factory orders at 10 a.m. EDT (1400 GMT), with total orders expected
down 1%;
-- July ISM Non-Manufacturing Composite Index at 10 a.m. EDT (1400 GMT), with
the non-manufacturing PMI expected at 48.2;
-- July 31 Energy Department oil inventories at 10:30 a.m. EDT (1430 GMT),
with crude oil stocks expected up 500,000.
Comex gold warehouse stocks were up 3,548 ounces at 9,146,348 ounces Tuesday,
while silver stocks were up 516,203 ounces at 118,227,405 ounces.
-By Matt Whittaker, Dow Jones Newswires; 212-416-2139;
matt.whittaker@dowjones.com
