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SMM Morning Review – 2011/8/1 Gold & Silver
Aug 1,2011 10:21CST
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SHANGHAI, Aug. 1 (SMM) -- COMEX December gold futures prices opened at USD 1,617/oz and closed at USD 1,631.2/oz on July 29th

SHANGHAI, Aug. 1 (SMM) -- COMEX December gold futures prices opened at USD 1,617/oz and closed at USD 1,631.2/oz on July 29th, up USD 15/oz or 0.93% from previous trading day, and up USD 2.7/oz compared with London’s USD 1,628.5/oz during the day. Highest and lowest COMEX prices during the day were USD 1,632.5/oz and USD 1,614.2/oz.

COMEX September silver futures prices opened at USD 39.7/oz and closed at USD 40.106/oz on July 29th, up USD 0.312/mt or 0.78% from previous trading day, and up USD 0.476/oz compared with London’s USD 39.63/oz during the day. Highest and lowest COMEX prices during the day were USD 40.3/oz and USD 39.4/oz.

The US Department of Commerce who had lowered annual 1Q GDP growth from 1.9% to 0.4% announced a lower-than-expected US 2Q GDP growth on July 29th, combining an unresolved US debt ceiling issue, both gold and silver prices climbed due to growing risk aversion sentiment. SMM expects gold and silver prices to keep rising in the short term.


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