SMM Morning Review - 2012/3/22 Gold & Silver

SHANGHAI, Mar. 22 (SMM) -- COMEX gold futures for delivery in April opened at USD 1,650.1/oz and closed at USD 1,650.3/oz on March 21, up USD 3.3/oz or 0.2% from the previous trading day, and USD 1.05/oz higher than London’s USD 1,649.25/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,659.7/oz and USD 1,648.4/oz.

COMEX silver futures for May delivery opened at USD 32.2/oz and closed at USD 32.227/oz on March 21, up USD 0.393/oz or 1.23% from the previous trading day, and USD 0.257/oz higher than London’s USD 31.97/oz during the day. Highest and lowest COMEX prices during the day ere USD 32.4/oz and USD 31.9/oz.

The two precious metals finally recovered slightly as profit-taking starts following previous plunges. However, US home sales data indicating slow recovery of the US property market and Bernanke remarks to help maintain a strong US dollar mean gold and silver will stay on the downward track.

More analysis available in 2012 SMM Precious Metals Weekly.