SMM Gold & Silver Market Morning Review (2012/10/8)

SHANGHAI, Oct. 8 (SMM) – COMEX Gold futures for December delivery opened at USD 1,792.9/oz and closed at USD 1,780.8/oz on October 5, down USD 7.7/oz or 0.85% from the previous trading day. The yellow metal peaked at USD 1,798.1/oz and hit its lowest at USD 1,774.9/oz in the day. The gold futures for December delivery on the COMEX was USD 3.2/oz higher than London gold which was at USD 1,784/oz in the afternoon.

Silver futures for December delivery on the COMEX started at USD 35/oz and finished at USD 34.60/oz on October 5, down USD 0.501/oz or 1.43% from the previous trading day. The December delivery silver contract touched its highest at USD 35.1/oz and dipped to its lowest at USD 34.3/oz in the day. The contract was down USD 0.25/oz compared with London silver which hit USD 34.85/oz.

Gold futures for December delivery on the COMEX dropped last Friday. This is because market predicted that the Fed will end QE3 ahead of schedule since the US nonfarm payrolls improved significantly. Such an expectation helped the dollar rose notably, capping gold prices. Gold prices are expected to extend losses on Monday.