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SMM Morning Review – 2011/8/3 Gold & Silver
Aug 3,2011 09:37CST
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SHANGHAI, Aug. 3 (SMM) -- COMEX December gold futures prices opened at USD 1,622.6/oz and closed at USD 1,644.5/oz on August 2nd

SHANGHAI, Aug. 3 (SMM) -- COMEX December gold futures prices opened at USD 1,622.6/oz and closed at USD 1,644.5/oz on August 2nd, up USD 22.8/oz or 1.41% from previous trading day, and up USD 6.75/oz compared with London’s USD 1,637.75/oz during the day. Highest and lowest COMEX prices during the day were USD 1,663.4/oz and USD 1,619.1/oz.

COMEX September silver futures prices opened at USD 39.3/oz and closed at USD 40.1/oz on August 2nd, up USD 0.791/mt or 2.01% from previous trading day, and up USD 0.37/oz compared with London’s USD 39.73/oz during the day. Highest and lowest COMEX prices during the day were USD 40.9/oz and USD 39.2/oz.

As US manufacturing and personal spending data are below market expectations, the market is worrying that the US economy might experience a second recession, and higher possibility is expected for a third round of quantitative easing (QE3) by FED. As a result, gold and silver prices rose again with gold prices hitting a historical high. SMM expects gold and silver prices will keep rising in the short term due to strong risk aversion sentiment.


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