SHANGHAI, Aug. 25 (SMM) -- COMEX December gold futures prices opened at USD 1,832.1/oz and closed at USD 1,757.3/oz on August 24th, down USD 104/oz or 5.59% from previous trading day, and USD 12.7/oz lower than London’s USD 1,770/oz during the day. Highest and lowest COMEX prices during the day were USD 1,856.3/oz and USD 1,754/oz.
COMEX December silver futures prices opened at USD 42.1/oz and closed at USD 39.2/oz on August 24th, down USD 3.13/oz or 7.39% from previous trading day, and USD 2.88/oz lower than London’s USD 42.08/oz during the day. Highest and lowest COMEX prices during the day were USD 42.5/oz and USD 39.2/oz.
Investor confidence for US stocks showed signs of improvement due to QE3 expectations, and profit-taking pressure for gold also increased after the precious metal stood at record high. As a result, gold and silver plunged on August 24th with gold reporting largest loss since March 2008. CME also raised its margin ratio on gold futures contracts following close of the trading day. SMM expects gold and silver will trim previous gains in the short term.