PRECIOUS METALS RECAP 2/17/2012

April Gold closed down 4.5 at 1723.9. This was 5.3 up from the low and 13.6 off the high.

March Silver finished down 0.154 at 33.216, 0.474 off the high and 0.166 up from the low.



The gold market came under moderate pressure midway through Friday's session, with prices ultimately falling well their early highs by the close. Rising optimism over a possible resolution to the Greek debt saga supported April gold early on. However, Friday's lukewarm set of US economic data eroded a portion of gold's support and was a key factor with sending prices down into negative territory. Sluggish global equity markets along with a rebound in the Dollar also weighed on gold prices during today's session.

The silver market had trouble sustaining Thursday's rebound and ended the day and week with moderate losses. Today's US CPI number offered up a muted outlook for inflation, which appeared to have offset silver's overnight strength and kept prices under some pressure later on in the session. A subdued performance by the Dollar as well as from global equity markets kept March silver within a fairly tight trading range despite the improving outlook for macro-economic sentiment.