SMM Morning Review - 2012/2/22 Gold & Silver-Shanghai Metals Market

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SMM Morning Review - 2012/2/22 Gold & Silver

SMM Insight 09:31:57AM Feb 22, 2012 Source:SMM

SHANGHAI, Feb. 22 (SMM) -- COMEX April gold futures opened at USD 1,736.2/oz and closed at USD 1,758.5/oz on February 21, up USD 23/oz or 1.33% from the previous trading day, and USD 10.5/oz higher than London’s USD 1,748/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,761.7/oz and USD 1,733.9/oz.

COMEX March silver futures opened at USD 33.6/oz and closed at USD 34.429/oz on February 21, down USD 0.854/oz or 2.54% from the previous trading day, and USD 0.779/oz higher than London’s USD 33.65/oz during the day. Highest and lowest COMEX prices during the day were USD 34.429/oz and USD 33.5/oz.

While European finance ministers agreed on the second EUR 130 billion Greek bailout to avoid a possible nearby default by the country, higher inflation pressure is also expected for the euro zone. The new deal, nevertheless boosted investors’ risk appetite, pushing oil price above USD 106/bbl while helping gold and silver surge. However, as the Greek debt crisis is still unsolved, SMM expects gold and silver to stay at present levels.

SMM Morning Review - 2012/2/22 Gold & Silver

SMM Insight 09:31:57AM Feb 22, 2012 Source:SMM

SHANGHAI, Feb. 22 (SMM) -- COMEX April gold futures opened at USD 1,736.2/oz and closed at USD 1,758.5/oz on February 21, up USD 23/oz or 1.33% from the previous trading day, and USD 10.5/oz higher than London’s USD 1,748/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,761.7/oz and USD 1,733.9/oz.

COMEX March silver futures opened at USD 33.6/oz and closed at USD 34.429/oz on February 21, down USD 0.854/oz or 2.54% from the previous trading day, and USD 0.779/oz higher than London’s USD 33.65/oz during the day. Highest and lowest COMEX prices during the day were USD 34.429/oz and USD 33.5/oz.

While European finance ministers agreed on the second EUR 130 billion Greek bailout to avoid a possible nearby default by the country, higher inflation pressure is also expected for the euro zone. The new deal, nevertheless boosted investors’ risk appetite, pushing oil price above USD 106/bbl while helping gold and silver surge. However, as the Greek debt crisis is still unsolved, SMM expects gold and silver to stay at present levels.