Gold Prices Plummet Ahead of New York Trading

Strategic Insights -

Gold futures are expected to open around $25 an ounce lower Monday in New York, while March silver is expected to drop by about 50 cents. The decline in spot gold prices is attributed to a weaker euro against the U.S. dollar, with the euro trading at $1.3563 compared to $1.3919 late Friday afternoon. Analysts predict further selling pressure if equities continue to rise and the dollar strengthens, as U.S. economic reports, including November construction spending, are released on Monday.

Key Takeaways:

  • Gold futures are expected to open $25 an ounce lower in New York on Monday.
  • March silver is expected to drop by about 50 cents an ounce.
  • Spot gold is trading down $20.03 to $853.82 at 7:55 a.m. EST.
  • The euro's decline against the U.S. dollar is a major contributor to gold's price drop.
  • Analysts predict further selling pressure if equities rise and the dollar strengthens.
  • U.S. economic reports, including November construction spending, are expected to impact gold prices.
  • Comex gold warehouse stocks were down 302 ounces at 8,534,570 ounces on Friday.
  • Comex silver stocks were down 849,589 ounces at 126,842,729 ounces on Friday.

Statistics:

  • Gold futures expected to open $25 an ounce lower on Monday in New York.
  • March silver expected to drop by about 50 cents an ounce.
  • Spot gold trading down $20.03 to $853.82 at 7:55 a.m. EST.
  • Euro trading at $1.3563 compared to $1.3919 late Friday afternoon.
  • Comex gold warehouse stocks down 302 ounces at 8,534,570 ounces.
  • Comex silver stocks down 849,589 ounces at 126,842,729 ounces.

Sources:

  • Dow Jones Commodities News via Comtex
  • Dow Jones Newswires; Matt Whittaker; 201-938-5959; matt.whittaker@dowjones.com