SMM Morning Review - 2012/3/9 Gold & Silver

SHANGHAI, Mar. 9 (SMM) -- COMEX gold futures for delivery in April opened at USD 1,685.4/oz and closed at USD 1,698.7/oz on March 8, up USD 14.8/oz or 0.88% from the previous trading day, and USD 8.7/oz higher than London’s USD 1,690/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,704.1/oz and USD 1,684.3/oz.

COMEX silver futures for May delivery opened at USD 33.5/oz and closed at USD 33.8/oz on March 8, up USD 0.215/oz or 0.64% from the previous trading day, while USD 0.29/oz lower than London’s USD 34.09/oz during the day. Highest and lowest COMEX prices during the day were USD 34.1/oz and USD 33.4/oz.

As private sector involvement (PSI) moves toward the wanted percentage of the Greek government, stronger risk appetite send both gold and silver prices higher on Thursday. Final results of the Greek debt swap will come out at 2 p.m. The latest US non-farm payroll data will also be released today, which will greatly influence directions of the US dollar index as well as gold and silver prices. Volatility, however, is still the pre-dominant feature for the two precious metals.

More analysis available in the SMM Precious Metals Weekly 2012.