SMM Morning Review - 2012/2/9 Gold & Silver

SHANGHAI, Feb. 9 (SMM) -- COMEX April gold futures opened at USD 1,747/oz and closed at USD 1,731.3/oz on February 8, down USD 15.7/oz or 0.9% from the previous trading day, and USD 14.7/oz lower than London’s USD 1,746/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,754.7/oz and USD 1,726.1/oz.

COMEX March silver futures opened at USD 34.1/oz and closed at USD 33.704/oz on February 8, down USD 0.49/oz or 1.43% from the previous trading day, and USD 0.666/oz lower than London’s USD 34.37/oz during the day. Highest and lowest COMEX prices during the day were USD 34.52/oz and USD 33.67/oz.

Uncertainty in the euro-zone economy increased after Greece failed to strike an agreement in its latest debt talk and the European Central Bank still has not figured out a solution for Greek debt restructuring. Gold and silver closed slightly lower as a result. Today’s market focuses include interest resolutions of ECB and the British central bank. SMM expects gold and silver prices to stay at recent highs in the near term.