SMM Morning Review - 2012/3/20 Gold & Silver

SHANGHAI, Mar. 20 (SMM) -- COMEX gold futures for delivery in April opened at USD 1,659.6/oz and closed at USD 1,667.3/oz on March 19, up USD 11.5/oz or 0.69% from the previous trading day, and USD 5.8/oz higher than London’s USD 1,661.5/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,668.1/oz and USD 1,653.9/oz.

COMEX silver futures for May delivery opened at USD 32.6/oz and closed at USD 33/oz on March 19, up USD 0.396/oz or 1.21% from the previous trading day, and USD 0.56/oz higher than London’s USD 32.44/oz during the day. Highest and lowest COMEX prices during the day were USD 33.1/oz and USD 32.4/oz.

Gains in the two precious metals overnight were induced by a strengthening euro backed by Greek debt progress and the reported USD 250 million of gold buying by central banks. SMM expects the two metals to stay weak in the near term, however, as the continually recovering US economy dampens demand of the haven metal.