NY Gold Seen Up $10, Silver Up 46 Cents
December gold futures are expected to open floor trading in New York around $10 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 46 cents an ounce.
Spot gold was stronger in overseas trading due to the dollar trading to a one-week low against the euro, traders and analysts said.
At 7:58 a.m. EDT, spot gold was trading up $9.25 to $1,026.90.
The euro is up to $1.4729 from $1.4651 late Monday afternoon. In screen trading ahead of the pit open, the December S&P 500 futures are up 10.30 points to 1,046.70. November crude oil is up $1.03 to $71.44 a barrel in overnight activity.
In New York Monday, gold futures closed sharply higher when gains inspired mostly by a weak U.S. dollar triggered chart-based buying that accelerated the move. December gold rose $13.50 to $1,017.80 an ounce, while December silver gained 30.5 cents to $16.535.
Comex gold warehouse stocks were down 859 ounces at 9,296,472 ounces Monday, while silver stocks were down 127,140 ounces at 115,213,799 ounces.
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