Gold Prices Expected to Open Lower in New York Amid Strengthening Dollar

Strategic Insights -

Gold prices are anticipated to decline in early trading on Monday in New York, with April gold futures projected to open around $10 an ounce lower than Friday's close. The strengthening dollar against the euro has contributed to this downward trend, with traders predicting gold to trade within a narrow range of $890 to $910 per troy ounce in the short term. Meanwhile, silver prices are expected to decrease by around 15 cents an ounce.

Key Takeaways:

  • April gold futures are expected to open $10 an ounce lower on Monday in New York, based on electronic activity ahead of the pit session at the Comex division of the New York Mercantile Exchange.
  • The strengthening dollar against the euro has put downward pressure on gold prices, with traders anticipating a range of $890 to $910 per troy ounce in the short term.
  • March silver futures are expected to decrease by approximately 15 cents an ounce on Monday.
  • Comex gold warehouse stocks declined by 81,744 ounces to 8,487,857 ounces on Friday, while silver stocks dropped by 682,376 ounces to 123,955,435 ounces.
  • The Conference Board employment trends index is scheduled to be released on Monday at 10 a.m. EST (1500 GMT), which may impact metals prices.
  • March crude oil futures rose by 36 cents to $40.56 in overnight activity.

Statistics:

  • April gold futures are expected to open $10 an ounce lower on Monday.
  • The dollar strengthened against the euro to $1.2975 from $1.2937 late Friday afternoon.
  • Spot gold traded down $10.08 to $900.92 at 7:52 a.m. EST.
  • Comex gold warehouse stocks decreased by 81,744 ounces to 8,487,857 ounces on Friday.
  • In screen trading ahead of the pit open, the March S&P 500 futures were down 9.40 points to 858.30.

Sources:

  • Dow Jones Commodities News via Comtex (New York, Feb 09, 2009)
  • Matt Whittaker, Dow Jones Newswires; 201-938-5959; matt.whittaker@dowjones.com (END)