SMM Morning Review - 2011/8/12 Gold & Silver

SHANGHAI, Aug. 12 (SMM) -- COMEX December gold futures prices opened at USD 1,797/oz and closed at USD 1,751.5/oz on August 11th, down USD 32.8/oz or 1.84% from previous trading day, and down USD 8.5/oz compared with London’s USD 1,760/oz. Highest and lowest COMEX prices during the day were USD 1,813.2/oz and USD 1,740.9/oz.

COMEX September silver futures prices opened at USD 39.3/oz and closed at USD 38.7/oz on August 11th, down USD 0.627/oz or 1.59% from previous trading day, and down USD 0.48/oz compared with London’s USD 39.18/oz. Highest and lowest COMEX prices during the day were USD 39.8/oz and USD 38.2/oz.

Investor risk appetite slightly improved as a result of higher margin ratio for gold set by Chicago Mercantile Exchange and recovering global stock markets, and gold and silver prices closed lower on August 11th due to profit-taking. SMM expects gold and silver prices to keep fluctuating at high levels in the short term.

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