SMM Morning Review - 2012/5/9 Gold & Silver

SHANGHAI, May 9 (SMM) -- COMEX gold futures for delivery in June opened at USD 1,639.3/oz and closed at USD 1,604.5/oz on May 8, down USD 34.6/oz or 2.11% from the previous trading day, but USD 2/oz higher than London’s USD 1,602.5/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,639.3/oz and USD 1,597.3/oz.

COMEX silver futures for July delivery opened at USD 30.1/oz and closed at USD 29.5/oz, down USD 0.6/oz or 1.99% from the previous trading day, and USD 0.08/oz lower than London’s USD 29.58/oz for the day. Highest and lowest COMEX prices during the day were USD 30.1/oz and USD 29.2/oz.

The most active New York gold contract plunged by nearly USD 35/mt to its lowest level this year, as Greek and French elections added to uncertainties in the euro zone plagued by the region’s debt crisis. The new French president is against austerity measures while Greece’s failure to build a new government triggers speculation the debt-ridden nation may exit the euro zone. Gold and silver are expected to stay at the lower band today.