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SMM Morning Review - 2011/9/27 Gold & Silver
Sep 27,2011 10:52CST
price review forecast
Source:SMM
COMEX December gold closed at USD 1,594.8/oz, down USD 45/oz or 2.74%, COMEX December silver closed at USD 29.976/oz, down USD 0.125/oz or 0.42%.

SHANGHAI, Sept. 27 (SMM) -- COMEX December gold futures prices opened at USD 1,659.9/oz and closed at USD 1,594.8/oz on September 26th, down USD 45/oz or 2.74% from previous trading day, and USD 3.2/oz higher than London’s USD 1,598/oz during the day. Highest and lowest COMEX prices during the day were USD 1,662.7/oz and USD 1,554.5/oz.

COMEX December silver futures prices opened at USD 30.8/oz and closed at USD 29.976/oz on September 26th, down USD 0.125/oz or 0.42% from previous trading day, and USD 1.816/oz higher than London’s USD 28.16/oz during the day. Highest and lowest COMEX prices during the day were USD 30.8/oz and USD 26.2/oz.

A lack of confidence for global economy due to worries towards a Greek default led many investors to close their positions in gold markets in order to fix liquidity shortages caused in other markets. Further margin hikes by precious metals exchanges also weighed on these metals’ prices. However, the announcement to expand EU rescue fund from 440 billion euro to 2 trillion euro helped gold and silver slightly rebound. Nevertheless, the two metals will remain weak in the short term before a practical solution is provided for the euro zone debt crisis.

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silver price
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