SMM Morning Review - 2012/3/14 Gold & Silver

SHANGHAI, Mar. 14 (SMM) -- COMEX gold futures for delivery in April opened at USD 1,700/oz and closed at USD 1,674.4/oz on March 13, down USD 26.8/oz or 1.58% from the previous trading day, and USD 15.6/oz lower than London’s USD 1,690/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,705.6/oz and USD 1,667.6/oz.

COMEX silver futures for May delivery opened at USD 33.7/oz and closed at USD 33.36/oz on March 13, down USD 0.345/oz or 1.02% from the previous trading day, and USD 0.22/oz lower than London’s USD 33.58/oz during the day. Highest and lowest COMEX prices during the day were USD 33.8/oz and USD 33.2/oz.

Gold shed heavy losses after Fed maintained low-interest rate but did not provide any stimulus saying the US economy is steadily expanding. Platinum price returned above that of gold again after falling below the latter last September. Fitch Ratings upgraded Greek debt rating from “limited default” to B- but Spanish and Portuguese debt burden emerges. Gold and silver therefore are still on the negative side.