NEW YORK (Dow Jones)--December gold futures are expected to open floor trading in New York around $12 an ounce higher Tuesday, based on electronic activity ahead of the pit session at the Comex division of the New York Mercantile Exchange. December silver is expected to be up about 39 cents an ounce. In overnight activity, renewed dollar weakness against the euro caused spot gold prices to rise in Europe. In recent trading, spot gold was up $14.77. The euro was up to $1.4786 from $1.4676 late Monday in New York. In screen trading ahead of the pit open, the December S&P 500 futures were up 7.6 points. October crude was up $1.08 in overnight activity. The two-Day FOMC meeting begins Tuesday, with an interest rate announcement expected around 2:15 p.m. EDT (1815 GMT) Wednesday. In New York Monday, gold futures clawed their way back from below $1,000, with the most-active contract posting its seventh consecutive settlement in four-digit territory as the U.S. dollar eased from intraday highs. But the metal still settled lower on the day as the dollar maintained some gains and participants saw declines in the equities market as an excuse to book profits in the yellow metal. December gold fell $5.40 to settle at $1,004.90. December silver lost 18.5 cents to settle at $16.880. Comex gold warehouse stocks were up 10,000 ounces at 9,258,883 ounces Monday, while silver stocks were up 2,734,165 ounces at 119,548,977 ounces.

Source