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SMM Morning Review - 2011/8/29 Gold & Silver
Aug 29,2011 11:01CST
price review forecast
Source:SMM
COMEX December gold futures closed USD 34.1/oz higher at USD 1,797.3/oz, September silver futures USD 0.207/oz higher at USD 40.952/oz. US economic data will dominate both markets in the short term.

SHANGHAI, Aug. 29 (SMM) -- COMEX December gold futures prices opened at USD 1,776.4/oz and closed at USD 1,797.3/oz on August 26th, up USD 34.1/oz or 1.93% from previous trading day, and USD 9.3/oz higher than London’s USD 1,788/oz during the day. Highest and lowest COMEX prices during the day were USD 1,831.7/oz and USD 1,761.3/oz.

COMEX September silver futures prices opened at USD 41.2/oz and closed at USD 40.952/oz on August 26th, up USD 0.207/oz or 0.51% from previous trading day, and USD 1.745/oz lower than London’s USD 41.06/oz during the day. Highest and lowest COMEX prices during the day were USD 41.7/oz and USD 40.3/oz.

US Fed president Bernanke delivered optimistic remarks on August 26th Friday, and did not mention about QE3 but leaving it until the September meeting. This was seen in the market as a hint for more supportive measures to be provided by Fed, with gold and silver prices climbing during the day. SMM expects US economic data will be the dominant factor for gold and silver prices in the short term.

gold price
silver price

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