SMM Morning Review - 2011/9/20 Gold & Silver

SHANGHAI, Sept. 20 (SMM) -- COMEX December gold futures prices opened at USD 1,819.5/oz and closed at USD 1,778.9/oz on September 19th, down USD 35.8/oz or 1.97% from previous trading day, and USD 15.1/oz lower than London’s USD 1,794/oz during the day. Highest and lowest COMEX prices during the day were USD 1,828.6/oz and USD 1,775.7/oz.

COMEX December silver futures prices opened at USD 40.7/oz and closed at USD 39.163/oz on September 19th, down USD 1.668/oz or 4.09% from previous trading day, and USD 1.297/oz lower than London’s USD 40.46/oz during the day. Highest and lowest COMEX prices during the day were USD 40.9/oz and USD 39.1/oz.

Though gold price slightly climbed at the beginning of trading on worsening European debt crisis, due to excessive speculation, it plunged later as the strengthening US dollar become more attractive. SMM believes the continuously strengthening US dollar will weigh on gold and silver prices, which are more likely move downward in the short term as fluctuation continues.