SMM Morning Review - 2012/2/7 Gold and Silver

SHANGHAI, Feb. 7 (SMM) -- COMEX April gold futures opened at USD 1,731.3/oz and closed at USD 1,724.9/oz on February 6, down USD 3.6/oz or 0.21% from the previous trading day, and USD 5.9/oz higher than London’s USD 1,719/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,739.1/oz and USD 1,716.5/oz.

COMEX March silver futures opened at USD 33.7/oz and closed at USD 33.8/oz on February 6, up USD 0.1/oz or 0.3% from the previous trading day, and USD 0.28/oz higher than London’s USD 33.52/oz during the day. Highest and lowest COMEX prices during the day were USD 33.8/oz and USD 33/oz.

Worries towards a possible disorderly default by Greece due to stalemate in the country’s reform talk led to a stronger US dollar, which in turn induced losses in gold and silver prices. US President Obama’s order to freeze Iranian assets in the US will also remarkably influence market sentiment. As such, SMM expects gold and silver to see slight losses in the near term.