SMM Morning Review - 2011/8/16 Gold & Silver

SHANGHAI, Aug. 16 (SMM) -- COMEX December gold futures prices opened at USD 1,747.2/oz and closed at USD 1,768.5/oz on August 15th, up USD 25.9/oz or 1.49% from previous trading day, and up USD 29.5/oz compared with London’s USD 1,739/oz. Highest and lowest COMEX prices during the day were USD 1,768.5/oz and USD 1,735.2/oz.

COMEX September silver futures prices opened at USD 39.1/oz and closed at USD 39.3/oz on August 15th, up USD 0.186/oz or 0.48% from previous trading day, and up USD 0.12/oz compared with London’s USD 39.18/oz. Highest and lowest COMEX prices during the day were USD 39.9/oz and USD 38.8/oz.

Gold and silver prices gradually rallied on August 15th as a result of risk aversion caused by rumors that Swiss central bank will set exchange rate target to limit appreciation of Swiss franc, and a weakening US dollar before a top leader talk between France and Germany. However, gold prices are still expected to fall back due to profit-taking activities, and SMM expects gold and silver prices to keep fluctuating in the short term.