SMM Morning Review - 2012/2/16 Gold & Silver

SHANGHAI, Feb. 16 (SMM) -- COMEX April gold futures opened at USD 1,723.3/oz and closed at USD 1,728.1/oz on February 15, up USD 10.4/oz or 0.61% from the previous trading day, and USD 9.7/oz lower than London’s USD 1,733/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,737.8/oz and USD 1,720.5/oz.

COMEX March silver futures opened at USD 33.6/oz and closed at USD 33.408/oz on February 15, up USD 0.06/oz or 0.18% from the previous trading day, and USD 0.282/oz lower than London’s USD 33.69/oz during the day. Highest and lowest COMEX prices during the day were USD 33.9/oz and USD 33.2/oz.

Gold and silver prices dropped from intraday highs overnight amid continually delayed European Finance Ministers’ meeting, dim economic outlook of the euro zone and exit of monetary easing as planned by US Fed. Small gains were still preserved, anyway. SMM expects gold and silver prices to experience further volatility in the near term as cautiousness still prevails towards the two precious metals.