SMM Morning Review - 2012/8/3 Gold & Silver

SHANGHAI, Aug. 3 (SMM) – COMEX gold futures for December delivery opened at USD 1603.4/oz and closed at USD 1590.7/oz August 2, down USD 12.6/oz or 0.79% from the previous trading day, and USD 6.3/oz lower than London’s USD 1597/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1616.5/oz and USD 1587.9/oz.

COMEX silver for September delivery opened at USD 27.3/oz and finally settled at USD 26.995/oz, down USD 0.305/oz or 1.12% from the previous trading day, and USD 0.425/oz lower than London’s USD 27.42/oz of the day. Highest and lowest COMEX prices during the day were USD 27.7/oz and USD 26.995/oz.

The COMEX December gold prices fell further below the USD 1,600/oz line Thursday. The ECB kept its monetary policy unchanged overnight, disappointing market players and weighing on gold prices. Market waits for the US non-farm payroll data on Friday and shall remain cautious before the release, so gold prices are expected to fluctuate narrowly.