SMM Morning Review - 2011/8/11 Gold & Silver

SHANGHAI, Aug. 11 (SMM) -- COMEX December gold futures prices opened at USD 1,745/oz and closed at USD 1,784.3/oz on August 10th, up USD 41.3/oz or 2.37% from previous trading day, and up USD 12.3/oz compared with London’s USD 1,772/oz. Highest and lowest COMEX prices during the day were USD 1,797.8/oz and USD 1,744.5/oz.

COMEX September silver futures prices opened at USD 37.8/oz and closed at USD 39.327/oz on August 10th, up USD 1.444/oz or 3.81% from previous trading day, and up USD 1.017/oz compared with London’s USD 38.36/oz. Highest and lowest COMEX prices during the day were USD 39.5/oz and USD 38.31/oz.

Market worry towards the European debt crisis grew overnight, due to rumors that French AAA debt rating might be downgraded which indicated possibility that France, a core European country may be dragged into the debt whirlpool. As a result, market confidence plunged and risk aversion sentiment surged high, pushing up gold and silver prices with gold prices hitting a historical high. SMM expects gold prices to keep strong in the short term due to recent positive fundamentals.

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