SMM Morning Review - 2011/8/9 Gold & Silver

Aug 9, 2011 09:50

SHANGHAI, Aug. 9 (SMM) -- COMEX December gold futures prices opened at USD 1681.7/oz and closed at USD 1713.2/oz on August 8th,

SHANGHAI, Aug. 9 (SMM) -- COMEX December gold futures prices opened at USD 1681.7/oz and closed at USD 1713.2/oz on August 8th, up USD 61.4/oz or 3.72% from previous trading day, and up USD 20.2/oz compared with London’s USD 1,693/oz. Highest and lowest COMEX prices during the day were USD 1,723/oz and USD 1,681.7/oz.

COMEX September silver futures prices opened at USD 39/oz and closed at USD 39.38/oz on August 8th, up USD 1.169/oz or 3.06% from previous trading day, and down USD 0.48/oz compared with London’s USD 39.86/oz. Highest and lowest COMEX prices during the day were USD 40.3/oz and USD 38.6/oz.

As investors tuned panic following a downgrade of US AAA debt rating, gold as a safe haven surged on August 8th, and silver only slightly gained limited by its commodity attribute. As current panic sentiment is expected to continue, and due to higher possibility of the third round of quantitative easing (QE3) by US FED, gold is expected to remain strong.

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SMM Morning Review - 2011/8/9 Gold & Silver

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