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Gold Prices Expected to Open Lower in New York Trading

Strategic Insights

— 2 min read

Ahead of the New Year celebrations, the gold market is anticipating a lower opening in New York trading, with February gold futures expected to start the session around $2 lower at $840.20 an ounce. The February futures on the Chicago Board of Trade were down $2.40 to $840.20 an ounce, while spot gold was trading down $3.70 to $836.40. In overnight trading, spot gold had eased after rising early in the session as market participants booked profits and tied loose ends ahead of the New Year celebrations.

Key Takeaways:

  • February gold futures are expected to open floor trading in New York around $2 lower at $840.20 an ounce, based on electronic activity ahead of the pit session at the Comex division of the New York Mercantile Exchange.
  • March silver is expected to be up 5 cents an ounce, with the February futures on the Chicago Board of Trade down $2.40 to $840.20 an ounce.
  • Spot gold was trading down $3.70 to $836.40 at 7:49 a.m. EST, shortly before the February futures on the Chicago Board of Trade were down $2.40 to $840.20 an ounce.
  • The euro is down to $1.4722 from $1.4724 late Friday afternoon, which may impact metals in the short term.
  • February crude is down 1 cent to $95.99 in overnight activity, and U.S. economic reports on Monday include November existing home sales at 10 a.m. EST (1500 GMT), with total sales expected down 1.2% at 5 million.
  • February gold settled at $842.70 an ounce, up $10.90, with the March silver contract on Comex settling at $14.895 an ounce, up 7.7 cents.
  • Comex gold warehouse stocks were up 10,006 ounces at 7,375,310 ounces Friday, while silver stocks were down 921,296 ounces at 132,626,113 ounces.

Statistics:

  • $2 lower: The expected price of February gold futures in New York trading, based on electronic activity ahead of the pit session.
  • 5 cents an ounce: The expected price increase of March silver.
  • $3.70: The decrease in spot gold at 7:49 a.m. EST.
  • 2.5 points: The increase of March S&P 500 futures.
  • 1 cent: The decrease of February crude.
  • 1.2%: The expected decrease of November existing home sales.
  • $842.70 an ounce: The price of February gold that settled at the end of the previous session.
  • 10,006 ounces: The increase in Comex gold warehouse stocks.
  • 921,296 ounces: The decrease in silver stocks.

Sources:

  • Dow Jones Commodities News via Comtex
  • Dow Jones Newswires
  • Matt Whittaker, Dow Jones Newswires; 201-938-5959; matt.whittaker@dowjones.com
  • Copyright (c) 2007 Dow Jones & Company, Inc.

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