SMM Morning Review - 2011/9/28 Gold & Silver

SHANGHAI, Sept. 28 (SMM) -- COMEX December gold futures prices opened at USD 1,628.1/oz and closed at USD 1,652.5/oz on September 27th, up USD 57.7/oz or 3.62% from previous trading day, and USD 6.5/oz lower than London’s USD 1,659/oz during the day. Highest and lowest COMEX prices during the day were USD 1,677.8/oz and USD 1,620.2/oz.

COMEX December silver futures prices opened at USD 30.7/oz and closed at USD 31.536/oz on September 27th, up USD 1.56/oz or 5.2% from previous trading day, and USD 1.964/oz lower than London’s USD 33.5/oz during the day. Highest and lowest COMEX prices during the day were USD 33.4/oz and USD 30.4/oz.

The US dollar index ended its continuous gaining run overnight as investors expect Europe will progress in solving the region’s debt crisis. Meanwhile, bargain-hunting increased following previous plunges in gold and silver prices, which added to gains of the two metals. As time is needed to find a practical solution to the euro zone debt crisis, SMM expects gold and silver to keep fluctuating in the short term following this rebound.