SMM Morning Review - 2012/3/5 Gold & Silver

SHANGHAI, Mar. 5 (SMM) -- COMEX gold futures for delivery in April opened at USD 1,718.1/oz and closed at USD 1,709.8/oz on March 2, down USD 12.4/oz or 0.72% from the previous trading day, while USD 2.8/oz higher than London’s USD 1,707/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,724.9/oz and USD 1,708.4/oz.

COMEX silver futures for May delivery opened at USD 35.5/oz and closed at USD 34.5/oz on March 2, down USD 1.1/oz or 3.19% from the previous trading day, and USD 0.71/oz lower than London’s USD 35.21/oz during the day. Highest and lowest COMEX prices during the day were USD 35.5/oz and USD 34.5/oz.

The two precious metals both saw losses after the US dollar regained strength amid weak European economic data and worries towards a Greek default triggered by a rating cut for Greece by Moody’s. Volatility therefore will stay in gold and silver prices in the near term as the European debt crisis remains unsolved.