SMM Morning Review - 2012/4/27 Gold & Silver

SHANGHAI, Apr. 27 (SMM) – Despite a rating cut for Spain and mixed US economic data, gold and silver strengthened on Thursday amid expectations Fed would increase stimulus to bolster the US economy after applications for unemployment benefits unexpectedly climbed. The two precious metals may continue to strengthen today, but not much given weakness in the global economy.

COMEX gold futures for delivery in June opened at USD 1,644.8/oz and closed at USD 1,660.5/oz on April 26, up USD 16.2/oz or 0.99% from the previous trading day, and USD 7/oz higher than London’s USD 1,653.5/oz in the afternoon. Highest and lowest prices during the day were USD 1,661.9/oz and USD 1,643.2/oz.

COMEX silver futures for July delivery opened at USD 30.8/oz and closed at USD 31.3/oz, up USD 0.85/oz or 2.8% from the previous trading day, and USD 0.43/oz higher than London’s USD 30.7/oz for the day. Highest and lowest prices during the day were USD 31.3/oz and USD 30.67/oz.