April gold futures are expected to open floor trading in New York around $58 an ounce higher Thursday, based on electronic activity ahead of the pit session at the Comex division of the New York Mercantile Exchange. May silver is expected to be up about $1.25 an ounce.

At 7:57 a.m. EDT, spot gold was trading up $2.13 to $942.25. In overnight activity, spot gold prices Thursday hovered near the previous day’s highs as the market consolidated following the U.S. Federal Reserve’s decision to start buying long term Treasuries and mortgage backed securities in an effort to kick start the credit markets.

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