SMM Morning Review - 2011/8/5 Gold & Silver

SHANGHAI, Aug. 5 (SMM) -- COMEX December gold futures prices opened at USD 1,662/oz and closed at USD 1,659/oz on August 4th, down USD 7.3/oz or 0.44% from previous trading day, and down USD 20.5/oz compared with London’s USD 1,679.5/oz during the day. Highest and lowest COMEX prices during the day were USD 1,684.3/oz and USD 1648.8/oz.

COMEX September silver futures prices opened at USD 41.8/oz and closed at USD 39.4/oz on August 4th, down USD 2.4/mt or 5.74% from previous trading day, and down USD 2.22/oz compared with London’s USD 41.62/oz during the day. Highest and lowest COMEX prices during the day were USD 42.2/oz and USD 38.5/oz.

Market worries towards economic recessions in Europe and the US surged as the European debt crisis may spread into Italy and Spain. As a result, global stock prices, commodity prices including gold and silver pries fell. SMM expects gold and silver prices to keeping fluctuating downward in the short term while waiting for US non-farm pay-roll data to be released this evening.

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