Monday, 29 June 2009

PRECIOUS METALS: NY Gold Seen Up 50c, Silver Down 6 Cents

PRECIOUS METALS: NY Gold Seen Up 50c, Silver Down 6 Cents

DOW JONES NEWSWIRES

August gold futures are expected to open floor trading in New York around 50 cents an ounce higher Monday, 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 6 cents an ounce.

Spot gold inched marginally higher in overseas trade, helped as the euro bounced from its weakest levels against the dollar, London-based analysts said. However, neither exchange-traded fund nor traditional physical buyers are showing much appetite for gold at the moment, leaving the metal largely range-bound.

At 8 a.m. EDT, spot gold was trading up $2.45 to $941.40.

In other markets that have the potential to impact metals in the short term, the euro is up slightly to $1.4061 from $1.4058 late Friday afternoon. In screen trading ahead of the pit open, the September S&P 500 futures are up 3.80 points to 917.70. August crude oil is up 80 cents to $69.96 a barrel in overnight activity.

U.S. economic reports Monday include the Chicago Fed National Activity Index at 8:30 a.m. EDT (1230 GMT), the Dallas Fed manufacturing outlook survey at 10:30 a.m. EDT (1430 GMT) and the Chicago Fed's Midwest manufacturing index at noon EDT (1600 GMT).

Other major reports this week include the Chicago Purchasing Managers Index and Conference Board's consumer-confidence index on Tuesday, then the ADP employment report, construction spending, pending-home sales and Institute for Supply Management manufacturing index on Wednesday. Thursday will bring weekly jobless claims, the monthly employment report and factory orders.

In New York Friday, gold futures managed a small gain, boosted by the softer tone in the U.S. dollar but backing down from the session highs on profit-taking ahead of the weekend. August gold rose $1.50 to settle at $941 an ounce, while September silver closed 12.4 cents higher at $14.156.

Comex gold warehouse stocks were up 9,716 ounces at 8,724,957 ounces Friday, while silver stocks were down 67,977 ounces at 118,485,484 ounces.

-By Allen Sykora, Dow Jones Newswires; 541-318-8765; allen.sykora@dowjones.com

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=kHtLd6gpPN1bOjDlkdPjzA%3D%3D. You can use this link on the day this article is published and the following day.

(END) Dow Jones Newswires

June 29, 2009 08:04 ET (12:04 GMT)


Copyright 2009 Dow Jones & Company, Inc.

No comments:

Post a comment