SMM Morning Review - 2012/5/31 Gold & Silver

SHANGHAI, May 31 (SMM) -- COMEX gold futures for delivery in August opened at USD 1,555.8/oz and closed at USD 1,565.7/oz on May 30, up USD 14.7/oz or 0.95% from the previous trading day, and USD 25.7/oz higher than London’s USD 1,540/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,570.9/oz and USD 1,534.4/oz.

COMEX silver futures for July delivery opened at USD 27.8/oz and closed at USD 27.835/oz, up USD 0.044/oz or 0.16% from the previous trading day, and USD 0.155/oz higher than London’s USD 27.68/oz for the day. Highest and lowest COMEX prices during the day were USD 28.145/oz and USD 27.4/oz.

COMEX-August gold slipped to USD 1,534.4/oz, near the 2012 low, and rebounded to settle higher. Debt woes in Greece, Spain and Italy triggers investor worries and rapidly strengthening risk aversion, which pushed up gold prices. As the US dollar surged, gold should be pressure today.