Gold and Silver Prices Expected to Rise on Monday

Strategic Insights -

Gold futures are expected to open trading in New York on Monday, around $3 an ounce higher, 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 up 9 cents an ounce. The euro's rise to $1.3221 from $1.3168 late Thursday afternoon, ahead of a three-day weekend in the U.S., also has the potential to impact metals in the short term.

Key Takeaways:

  • June gold futures are expected to open floor trading in New York around $3 an ounce higher on Monday.
  • May silver is expected to be up 9 cents an ounce.
  • At 7:55 a.m. EDT, spot gold was trading up $4 to $885.65.
  • The euro's rise to $1.3221 from $1.3168 late Thursday afternoon has the potential to impact metals in the short term.
  • Major U.S. economic reports scheduled for release this week include retail sales and the Producer Price Index on Tuesday.
  • Gold and silver futures pared their earlier losses on pre-weekend short covering but were pressured by a stronger tone in equities on Thursday.
  • Comex gold warehouse stocks were down 1,574 ounces at 8,580,603 ounces on Thursday, while silver stocks were up 536,621 ounces at 116,346,782 ounces.
  • The New York Fed manufacturing survey, Consumer Price Index, and industrial production are scheduled for release on Wednesday.
  • Jobless claims, housing starts, and the Philadelphia Fed business index are due out on Thursday, and the University of Michigan consumer-sentiment index is due out on Friday.

Statistics:

  • June gold futures are expected to open around $3 an ounce higher.
  • May silver is expected to be up 9 cents an ounce.
  • At 7:55 a.m. EDT, spot gold was trading up $4 to $885.65.
  • The euro was up to $1.3221 from $1.3168 late Thursday afternoon.
  • Comex gold warehouse stocks were down 1,574 ounces at 8,580,603 ounces on Thursday.
  • Silver stocks were up 536,621 ounces at 116,346,782 ounces on Thursday.
  • The New York Fed manufacturing survey is scheduled for release on Wednesday.
  • The Consumer Price Index is due out on Wednesday.
  • Industrial production is scheduled for release on Wednesday.

Sources:

  • Dow Jones Commodities News via Comtex
  • Comtex
  • Allen Sykora, Dow Jones Newswires; 541-318-8765; allen.sykora@dowjones.com
  • Dow Jones Newswires
  • Dow Jones & Company, Inc.