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SMM Morning Review – 2011/8/4 Gold & Silver
Aug 4,2011 09:56CST
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SHANGHAI, Aug. 4 (SMM) -- COMEX December gold futures prices opened at USD 1,662/oz and closed at USD 1,666.3/oz on August 3rd

SHANGHAI, Aug. 4 (SMM) -- COMEX December gold futures prices opened at USD 1,662/oz and closed at USD 1,666.3/oz on August 3rd, up USD 21.8/oz or 1.33% from previous trading day, and down USD 2.95/oz compared with London’s USD 1,669.25/oz during the day. Highest and lowest COMEX prices during the day were USD 1,673.8/oz and USD 1655.1/oz.

COMEX September silver futures prices opened at USD 40.8/oz and closed at USD 41.8/oz on August 2nd, up USD 1.7/mt or 4.24% from previous trading day, and up USD 0.77/oz compared with London’s USD 41.04/oz during the day. Highest and lowest COMEX prices during the day were USD 41.9/oz and USD 40.6/oz.

US June factory orders fell a second time in recent 3 months, indicating weak US economy is causing pressure for its manufacturing industry. Meanwhile, latest ISM non-manufacturing index also fell lower than expected. As Italian debt yield rate surged to a ten-year high, worries towards European debt crisis rose again. As a result, gold and silver surged due to stronger risk aversion sentiment, with gold prices hitting a historical high. SMM expect gold and silver prices to keep rising in the short term due to worries towards a second recession of US economy and European debt crisis.


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