Gold and Silver Prices Expected to Rise on Monday

Strategic Insights -

Gold prices are expected to open around $13 an ounce higher in New York on Monday, based on electronic activity ahead of the pit session at the Comex division of the New York Mercantile Exchange. The metals rose overnight with the help of a sharp uptick in the euro against the dollar and in crude oil, London-based analysts said. Israel's attack on Gaza also contributed to the increase. At 8 a.m. EST, spot gold was trading up $15.90 to $884.70. The expected rise in gold prices is also attributed to a weaker tone in the U.S. dollar and the efforts of GMAC to become a bank-holding company.

Key Takeaways:

  • Gold prices are expected to open $13 an ounce higher in New York on Monday, based on electronic activity ahead of the pit session.
  • The metals rose overnight with the help of a sharp uptick in the euro against the dollar and in crude oil, London-based analysts said.
  • Israel's attack on Gaza also contributed to the increase in gold prices.
  • Spot gold was trading up $15.90 to $884.70 at 8 a.m. EST.
  • The expected rise in gold prices is also attributed to a weaker tone in the U.S. dollar and the efforts of GMAC to become a bank-holding company.
  • March copper rose 2.95 cents to settle at $1.3035 per pound in New York on Friday.
  • Comex gold warehouse stocks were steady at 8,540,002 ounces on Friday.
  • Silver prices are expected to be up 36 cents an ounce on Monday.
  • The euro is up to $1.4289 from $1.4027 late Friday afternoon.
  • The March S&P 500 futures are up 1.50 points to 870.70 in overnight activity.
  • February crude oil is up $2.43 to $40.14 a barrel in overnight activity.

Statistics:

  • Gold prices are expected to open $13 an ounce higher in New York on Monday.
  • Spot gold was trading up $15.90 to $884.70 at 8 a.m. EST.
  • Comex gold warehouse stocks were steady at 8,540,002 ounces on Friday.
  • Silver prices are expected to be up 36 cents an ounce on Monday.
  • March copper rose 2.95 cents to settle at $1.3035 per pound in New York on Friday.
  • The euro is up to $1.4289 from $1.4027 late Friday afternoon.
  • The March S&P 500 futures are up 1.50 points to 870.70 in overnight activity.
  • February crude oil is up $2.43 to $40.14 a barrel in overnight activity.

Sources:

  • Dow Jones Commodities News via Comtex, Dec 29, 2008
  • Dow Jones Newswires, Dec 29, 2008
  • Allen Sykora, Dow Jones Newswires; 541-318-8765; allen.sykora@dowjones.com