SMM Morning Review - 2012/6/12 Gold & Silver

SHANGHAI, Jun. 12 (SMM) -- COMEX gold futures for delivery in August opened at USD 1,602.8/oz and closed at USD 1,596.8/oz on Jun. 11, up USD 5.4/oz or 0.34% from the previous trading day, and USD 12.8/oz higher than London’s USD 1,584/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,609.2/oz and USD 1,582.7/oz.

COMEX silver futures for July delivery opened at USD 28.7/oz and closed at USD 28.5/oz, up USD 0.029/oz or 0.1% from the previous trading day, but USD 0.13/oz lower than London’s USD 28.63/oz of the day. Highest and lowest COMEX prices during the day were USD 29/oz and USD 28.3/oz.

COMEX August gold climbed above USD 1,600/oz but failed to stay. Fitch Ratings downgrades Spanish banks. Yesterday’s market focus turned to Greece, with risk aversion strengthening and gold prices climbing. As the US dollar index also climbed, gold prices are expected to be under pressure today.