SMM Morning Review - 2011/9/2 Gold & Silver

SHANGHAI, Sept. 2 (SMM) -- COMEX December gold futures prices opened at USD 1,827.8/oz and closed at USD 1,828/oz on September 1st, down USD 3.7/oz or 0.2% from previous trading day, and USD 6.8/oz higher than London’s USD 1,821/oz during the day. Highest and lowest COMEX prices during the day were USD 1,832.9/oz and USD 1,818.4/oz.

COMEX December silver futures prices opened at USD 41.6/oz and closed at USD 41.5/oz on September 1st, down USD 0.3/oz or 0.72% from previous trading day, and USD 0.03/oz higher than London’s USD 41.47/oz during the day. Highest and lowest COMEX prices during the day were USD 41.8/oz and USD 41.4/oz.

Safe haven demand declined with strengthening US dollar and better-than-expected US economic data overnight, transactions also turned sluggish as investors were waiting for US non-farm payroll data to be released tonight, which led gold and silver prices to close slightly lower after narrow range fluctuation during the day. SMM expects investors in both markets to remain cautious with prices of the two metals on continuous fluctuation today.