SMM Morning Review - 2012/6/8 Gold & Silver-Shanghai Metals Market

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SMM Morning Review - 2012/6/8 Gold & Silver

SMM Insight 09:41:29AM Jun 08, 2012 Source:SMM

SHANGHAI, Jun. 8 (SMM) -- COMEX gold futures for delivery in August opened at USD 1,590.3/oz and closed at USD 1,588/oz on Jun. 7, down USD 46.2/oz or 2.83% from the previous trading day, and USD 18/oz lower than London’s USD 1,606/mt in the afternoon. Highest and lowest COMEX prices during the day were USD 1,593.6/oz and USD 1,589.6/oz.

COMEX silver futures for July delivery opened at USD 29.47/oz and closed at USD 28.53/oz, down USD 0.96/oz or 3.26% from the previous trading day, and USD 0.75/oz lower than London’s USD 29.28/oz. Highest and lowest prices during the day were USD 28.7/oz and USD 28/oz.

COMEX August gold futures dropped below USD 1,600/mt on Thursday. Fed President Bernanke did not mention any new monetary easing policy, cooling QE3 expectations and leading to risk aversion which induced the heavy drop in gold prices. SMM expects gold prices to remain under pressure today.
 

SMM Morning Review - 2012/6/8 Gold & Silver

SMM Insight 09:41:29AM Jun 08, 2012 Source:SMM

SHANGHAI, Jun. 8 (SMM) -- COMEX gold futures for delivery in August opened at USD 1,590.3/oz and closed at USD 1,588/oz on Jun. 7, down USD 46.2/oz or 2.83% from the previous trading day, and USD 18/oz lower than London’s USD 1,606/mt in the afternoon. Highest and lowest COMEX prices during the day were USD 1,593.6/oz and USD 1,589.6/oz.

COMEX silver futures for July delivery opened at USD 29.47/oz and closed at USD 28.53/oz, down USD 0.96/oz or 3.26% from the previous trading day, and USD 0.75/oz lower than London’s USD 29.28/oz. Highest and lowest prices during the day were USD 28.7/oz and USD 28/oz.

COMEX August gold futures dropped below USD 1,600/mt on Thursday. Fed President Bernanke did not mention any new monetary easing policy, cooling QE3 expectations and leading to risk aversion which induced the heavy drop in gold prices. SMM expects gold prices to remain under pressure today.