DJ PRECIOUS METALS: NY Gold Seen Up $6, Silver Up 37 Cents
NEW YORK (Dow Jones)-December gold futures are expected to open floor trading
in New York around $6 an ounce higher 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 37 cents an ounce.
In overnight activity, spot gold was trading higher in Europe due to U.S.
dollar weakness, traders said, adding that the currency will continue to direct
short-term moves in the precious metal.
Spot gold was up $10.45 to $956.50 in recent trading. The euro was up at
$1.4251 compared with late Wednesday afternoon's $1.4196. In screen trading
ahead of the pit open, the September S&P 500 futures were up 10.70 points to
1,012.90. September crude was up $1.36 to $71.52 in overnight activity.
U.S. economic reports on Thursday include:
-July import prices at 8:30 a.m. EDT (1230 GMT), expected down 0.1%;
-July retail and food sales at 8:30 a.m. EDT (1230 GMT), with overall sales
expected up 0.8%;
-Aug. 8 jobless claims at 8:30 a.m. EDT (1230 GMT), with weekly jobless
claims expected down 5,000 at 545,000;
-June business inventories at 10 a.m. EDT (1400 GMT), with total inventories
expected down 0.8%.
In New York Wednesday, gold futures finished modestly higher on support from
a weaker dollar and higher equities. December gold rose $4.90 to settle at
$952.50. September silver rose 24 cents to settle at $14.585.
Comex gold warehouse stocks were down 97 ounces at 9,154,384 ounces
Wednesday, while silver stocks were down 66,073 ounces at 117,798,909 ounces.
-By Matt Whittaker, Dow Jones Newswires; 212-416-2139;
matt.whittaker@dowjones.com
