Gold and Silver Edge Higher as NYSE Prepares to Open

On Tuesday, gold (NYSEARCA:GLD) futures for December delivery increased $3.40 to settle at $1,712.10 per ounce, while silver (NYSEARCA:SLV) edged 7 cents higher to close at $31.82.

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.

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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