Metals News
SMM Morning Review - 2012/5/14 Gold & Silver
smm insight
10:17AM
May 14,2012
Source:SMM

SHANGHAI, May 14 (SMM) -- COMEX gold futures for delivery in June opened at USD 1,593.2/oz and closed at USD 1,584/oz on May 11, down USD 11.5/oz or 0.72% from the previous trading day, but USD 1/oz higher than London’s USD 1,583/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,595.1/oz and USD 1,584/oz.

COMEX silver futures for July delivery opened at USD 29/oz and closed at USD 28.89/oz, down USD 0.29/oz or 0.99% from the previous trading day, and USD 0.41/oz higher than London’s USD 28.58/oz for the day. Highest and lowest COMEX prices during the day were USD 29.1/oz and USD 28.5/oz.

Greece has decided to organize a new election as its top 3 parties failed to build a coalition government. The situation in Spain is not optimistic either as its fiscal deficit remains high and economy continues to contract. Data from the US have been supportive, though, with its consumer confidence hitting a four-year high. Sluggishness in the Euro and waning QE3 expectations helped the US dollar index strengthen, weighing on gold. Gold and silver should remain rang-bound today.

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