SHANGHAI, Sept. 6 (SMM) – US financial markets were closed on September 5th, the Labor day of the country.
Closing price of gold in London was USD 1,895/oz on September 5th, up USD 74/oz from previous trading day. London silver closed at USD 42.71/zo, up USD 1.24/oz from previous trading day.
European stock prices plunged overnight as investor worries towards European debt crisis and recession in European and US economies increased, boosting demand for gold and silver due to their safe haven attribute. As a result, spot gold reported another gaining day. SMM expects gold and silver to remain strong in the short term.