SMM Morning Review - 2012/3/2 Gold & Silver

SHANGHAI, Mar. 2 (SMM) -- COMEX gold futures for delivery in April opened at USD 1,696.5/oz and closed at USD 1,717/oz on March 1, up USD 5.7/oz or 0.33% from the previous trading day, and USD 3/oz higher than London’s USD 1,714/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,727/oz and USD 1,695.5/oz.

COMEX silver futures for May delivery opened at USD 34.64/oz and closed at USD 35.661/oz on March 1, up USD 1.019/oz or 2.94% from the previous trading day, and USD 1.101/oz higher than London’s USD 34.56/oz during the day. Highest and lowest COMEX prices during the day were USD 35.705/oz and USD 34.46/oz.

The two precious metals closed higher overnight driven by bargain hunting following their plunges in the previous trading day. In addition, the SPDR Gold Trust’s gold positions at a two and a half months high and lower-than-expected ISM February PMI and January consumer spending data from the US also provided some support. SMM expects gold and silver prices to stay volatile in the near term. Release of the latest US non-farm payroll data has been postponed to next Friday.