SMM Morning Review - 2012/7/18 Gold & Silver

SHANGHAI, Jul. 18 (SMM) -- COMEX gold futures for delivery in August opened at USD 1,588.7/oz and closed at USD 1,589.5/oz Jul. 17, down USD 2.1/oz or 0.13% from the previous trading day, but USD 4.25/oz higher than London’s USD 1,585.25/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,597.8/oz and USD 1,571.7/oz.

COMEX silver futures for September delivery opened at USD 27.3/oz and closed at USD 27.27/oz, down USD 0.051/oz or 0.19% from the previous trading day, and USD 0.15/oz lower than London’s USD 27.42/oz of the day. Highest and lowest COMEX prices during the day were USD 27.6/oz and USD 26.8/oz.

COMEX August gold prices plunged but returned above the 20-day moving average. Fed president did not provide new hints on further stimulus during his late testimony, cooling easing expectations and weighing down gold prices. Gold prices should be soft today.