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Message: PRECIOUS METALS: NY Gold Seen Down $9, Silver Down 20 Cents

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PRECIOUS METALS: NY Gold Seen Down $9, Silver Down 20 Cents

posted on Apr 09, 08 05:29AM

NEW YORK (Dow Jones)--June gold futures are expected to open floor trading in New York around $9 an ounce lower Wednesday, based on electronic activity ahead of the pit session at the Comex division of the New York Mercantile Exchange. May silver is expected to be down around 20 cents an ounce.

Shortly before 8 a.m. EDT, spot gold was trading down $9.35 to $905.65 while the June futures on the Chicago Board of Trade were down $9.10 to $909.70 an ounce.

In overnight trading, spot gold prices remained weak in Europe Wednesday, continuing to take direction from U.S. dollar strength or weakness and crude oil prices, market participants said.

In other markets that have the potential to impact metals in the short term, the euro is up to $1.5721 from $1.5702 late Tuesday afternoon. In screen trading ahead of the pit open, the June S&P 500 futures are down 2.5 points to 1,368.50. May crude is down 37 cents to $108.13 in overnight activity.

U.S. economic reports on Wednesday include February wholesale trade numbers at 10 a.m. EDT (1400 GMT), with inventories expected up 0.5%; and April 4 oil inventories at 10:30 a.m. EDT (1430 GMT), with crude oil stocks expected up 2.4 million barrels.

In New York Tuesday, Gold and silver futures finished lower when crude oil initially fell and the dollar upticked modestly, traders and analysts said. June gold settled $8.80 lower at $918 an ounce. May silver fell 41.2 cents to $17.708 an ounce.

Comex gold warehouse stocks were unchanged at 7,628,122 ounces Tuesday, while silver stocks were unchanged at 135,559,987 ounces.

-By Matt Whittaker, Dow Jones Newswires; 201-938-5959; matt.whittaker@dowjones.com

(END) Dow Jones Newswires

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