SMM Gold & Silver Morning Review (2012-10-25)

SHANGHAI, Oct. 25 (SMM) – COMEX gold for December delivery opened at USD 1,707.8/oz and closed at USD 1,701.6/oz on October 24, down USD 7.8/oz or 0.46%, and USD 4.9/oz lower than London’s USD 1,706.5/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,715.1/oz and USD 1,699.5/oz.

COMEX silver for December delivery opened at USD 31.7/oz and finally closed at USD 31.62/oz, down USD 0.09/oz or 0.28% from the previous trading day, and USD 0.33/oz lower than London’s price. Highest and lowest COMEX prices during the day were USD 32.1/oz and USD 31.5/oz.

COMEX gold for December delivery was weighed down as eurozone PMI for October was lower than expectations and previous data, driving the euro to fall. However, since the Fed kept its monetary policy unchanged, gold prices are expected to rise on October 25.