Gold and Silver Edge Higher as NYSE Prepares to Open
Both precious metals received support as the U.S. dollar dipped to $1.2964 euros at 2:04 p.m. ET, according to Bloomberg. “Looking at the storm, we’re getting a little bit of people pulling back from risk-off positions where they would’ve been buying U.S. dollar, explains Andrew Busch, global currency strategist at the Bank of Montreal.
However, gold and silver have been quiet this week as equity markets remained closed for the second consecutive day due to hurricane Sandy. The Superstorm has left more than 7 million homes and businesses without power, and President Obama has signed major-disaster declarations for New Jersey and New York.
Trading in equities is set to resume. NYSE Euronext (NYSE:NYX) announced it will reopen for normal trading on Wednesday, along with the Nasdaq (NASDAQ:QQQ). “We are pleased to be able to return to normal trading tomorrow,” said Duncan Niederauer, CEO of NYSE Euronext, in a statement. “Our building and systems were not damaged and our people have been working diligently to ensure that we have a smooth opening tomorrow.”
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Disclosure: Long EXK, AG, HL, PHYS