SMM Gold & Silver Morning Review (2012-11-12)

SHANGHAI, Nov. 12 (SMM) – COMEX gold for December delivery opened at USD 1,731.5/oz and closed at USD 1,730.9/oz on November 9, up USD 4.9/oz or 0.28% from a day earlier, and USD 7.35/oz lower than London’s USD 1,738.25/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,738.7/oz and USD 1,727/oz.

COMEX silver for December delivery started at USD 32.3/oz and finished at USD 32.6/oz, up USD 0.36/oz or 1.12% from the previous trading day, and USD 0.44/oz higher than London’s USD 32.16/oz. Highest and lowest COMEX prices during the day were USD 32.8/oz and USD 32.1/oz.

Gold for December delivery on the COMEX hovered at a high level last Friday. Investors should turn to gold as a safe heaven, given the weak economy in the euro zone and the US fiscal cliff. Gold prices are expected to extend gains on November 12.