SMM Morning Review - 2011/8/23 Gold & Silver

SHANGHAI, Aug. 23 (SMM) -- COMEX December gold futures prices opened at USD 1,869.8/oz and closed at USD 1,891.9/oz on August 22nd, up USD 39.7/oz or 2.14% from previous trading day, and USD 14.4/oz higher than London’s USD 1,877.5/oz during the day. Highest and lowest COMEX prices during the day were USD 1,904/oz and USD 1,860.4/oz.

COMEX December silver futures prices opened at USD 43.6/oz and closed at USD 43.8/oz on August 22nd, up USD 1.3/oz or 3.06% from previous trading day, and USD 0.31/oz higher than London’s USD 43.49/oz during the day. Highest and lowest COMEX prices during the day were USD 44/oz and USD 42.9/oz.

As investors expect higher chances of further easing policies in various countries given slowing world economies, gold and silver climbed overnight. Recent market focus will be whether US Fed president Bernanke will provide QE3 signals during his remarks on short-term and long-term economic outlooks of the US. Therefore, gold and silver will remain strong due to QE3-like expectations.