SMM Gold & Silver Morning Review (2012-10-16)

SHANGHAI, Oct. 16 (SMM) – COMEX gold for December delivery opened at USD 1,755.1/oz and closed down USD 22.1/oz or 1.26% at USD 1,737.6/oz on October 15, USD 1.6/oz higher than London’s USD 1,736/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,755.5/oz and USD 1,729.9/oz.

COMEX silver for December delivery opened at USD 33.5/oz and finally closed at USD 32.743/oz, falling USD 0.957/oz from the previous trading day, and USD 0.477/oz lower than London’s USD 33.22/oz. Highest and lowest COMEX prices during the day were USD 33.5/oz and USD 32.6/oz.

COMEX gold for December delivery dropped significantly to a monthly low. As the US economic data were reported positive, lowering expectations on easing policies and dragging down gold prices. On October 16, gold prices are expected to remain weak.