SMM Morning Review - 2012/7/17 Gold & Silver

SHANGHAI, Jul. 17 (SMM) -- COMEX gold futures for delivery in August opened at USD 1,591.7/oz and closed at USD 1,591.6/oz Jul. 16, up USD 4.5/oz or 0.28% from the previous trading day, and USD 1.85/oz higher than London’s USD 1,589.75/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,594.6/oz and USD 1,578.4/oz.

COMEX silver futures for September delivery opened at USD 27.4/oz and closed at USD 27.321/oz, up USD 0.076/oz or 0.28% from the previous trading day, and USD 0.271/oz higher than London’s USD 27.05/oz of the day. Highest and lowest COMEX prices during the day were USD 27.4/oz and USD 26.9/oz.

COMEX August gold prices rebounded to close slightly higher. U.S. June retail sales unexpectedly fell in three consecutive months for the first time since 2008, and further suggested that the U.S. economic recovery is losing momentum. At the same time, Fed Chairman Ben Bernanke will provide half-year testimony in the Congress hearing on the Fed's view on the economy. QE3 expectations heated, pressuring the dollar and pushing up gold prices. The rebound should continue today.