SMM Morning Review - 2012/3/28 Gold & Silver

SHANGHAI, Mar. 28 (SMM) -- COMEX gold futures for delivery in April opened at USD 1,690/oz and closed at USD 1,684.9/oz on March 27, down USD 0.7/oz or 0.04% from the previous trading day, and USD 5.35/oz lower than London’s USD 1,692/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,695.3/oz and USD 1,679.3/oz.

COMEX silver futures for May delivery opened at USD 32.8/oz and closed at USD 32.6/oz on March 27, down USD 0.15/oz or 0.46% from the previous trading day, and USD 0.41/oz lower than London’s USD 33.01/oz during the day. Highest and lowest COMEX prices during the day were USD 33.2/oz and USD 32.5/oz.

A rise of consumer confidence in the US and a drop in Germany helped the US dollar rebound and consequently inducing losses in gold and silver the two precious metals on Tuesday. Investor focus on the US economic recovery remains the decisive factor of gold and silver price trends and SMM expects the two metals to stay near present levels in the near term.

More analysis available in 2012 SMM Precious Metals Weekly.