SMM Morning Review - 2011/9/8 Gold & Silver

SHANGHAI, Sept. 8 (SMM) -- COMEX December gold futures prices opened at USD 1,875.2/oz and closed at USD 1,817.6/oz on September 7th, down USD 55.7/oz or 2.97% from previous trading day, and USD 7.6/oz higher than London’s USD 1,810/oz during the day. Highest and lowest COMEX prices during the day were USD 1,875.2/oz and USD 1,793.8/oz.

COMEX December silver futures prices opened at USD 42/oz and closed at USD 41.631/oz on September 7th, down USD 0.237/oz or 0.57% from previous trading day, and USD 0.651/oz higher than London’s USD 40.98/oz during the day. Highest and lowest COMEX prices during the day were USD 42.3/oz and USD 40.55/oz.

German higher court’s approval of the country’s bailout plan for debt-ridden euro zone countries and a USD 300 billion job package said to be launched by Obama led to surges in European and US stock markets and hit hard on safe haven assets gold and silver, with a huge loss in gold price being reported. As market worries alleviated, gold and silver prices are expected to further fluctuate downward in the short term.