DJ PRECIOUS METALS: NY Gold Seen Up $4, Silver Up 9 Cents
NEW YORK (Dow Jones)--December gold futures are expected to open floor
trading in New York around $4 an ounce higher Friday, 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 9 cents an
ounce. In overnight activity, spot gold drifted higher in range trading ahead
of some U.S. economic data.
A record low drop in euro-zone consumer prices in July was putting pressure
on the euro/dollar, which could drag gold lower, traders said. U.S. consumer
price index and industrial production figures are due later in the day.
In recent trading, spot gold was up $4.40 to $957.90. The euro was up to
$1.4296 from $1.4282 late Thursday. In screen trading ahead of the pit open,
the September S&P 500 futures were unchanged at 1,013.50. September crude was
up 43 cents to $70.95 in overnight activity.
U.S. economic reports on Friday include:
-- July consumer price index at 8:30 a.m. EDT (1230 GMT), expected unchanged;
-- July industrial production at 9:15 EDT (1315 GMT), expected up 0.6%;
-- August preliminary Reuters/University of Michigan Consumer Confidence
Index at 9:55 a.m. EDT (1355 GMT), with the mid-month sentiment index expected
at 69.
In New York Thursday, gold futures gained modestly on support from a weaker
U.S. dollar as well as inflation-hedge and safe-haven buying. December gold
rose $4 to settle at $956.50. September silver rose 40.2 cents to settle at
$14.987.
Comex gold warehouse stocks were down 64 ounces at 9,154,320 ounces Thursday,
while silver stocks were down 275,597 ounces at 117,523,312 ounces.
-By Matt Whittaker, Dow Jones Newswires; 212-416-2139;
matt.whittaker@dowjones.com
