SMM Morning Review - 2012/3/13 Gold & Silver

SHANGHAI, Mar. 13 (SMM) -- COMEX gold futures for delivery in April opened at USD 1,714.3/oz and closed at USD 1,702.3/oz on March 12, down USD 9.2/oz or 0.54% from the previous trading day, while USD 4.8/oz higher than London’s USD 1,697.5/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,716.3/oz and USD 1,696.5/oz.

COMEX silver futures for May delivery opened at USD 34.3/oz and closed at USD 33.705/oz on March 12, down USD 0.507/oz or 1.48% from the previous trading day, and USD 0.065/oz lower than London’s USD 33.77/oz during the day. Highest and lowest COMEX prices during the day were USD 34.3/oz and USD 33.413/oz.

Due to slowing Chinese economic growth, worries towards a possible slowdown in Chinese commodity demand have been weighing on metals. Investors had been cautious before the FOMC meeting this Wednesday, however, consequently limiting losses in gold and silver. SMM puts gold and silver on the negative side in the near term as market sentiment is slightly bearish.