SMM Morning Review - 2011/10/11 Gold & Silver

SHANGHAI, Oct. 11 (SMM) -- COMEX December gold futures prices opened at USD 1,640.3/oz and closed at USD 1,670.8/oz on October 10th, up USD 35/oz or 2.14% from previous trading day, and USD 9.8/oz higher than London’s USD 1,661/oz during the day. Highest and lowest COMEX prices during the day were USD 1,679.2/oz and USD 1,640.3/oz.

COMEX December silver futures prices opened at USD 31.3/oz and closed at USD 31.98/oz on October 10th, up USD 0.987/oz or 3.18% from previous trading day, and USD 0.25/oz lower than London’s USD 32.23/oz during the day. Highest and lowest COMEX prices during the day were USD 32.3/oz and USD 31.3/oz.

Germany and France’s pledge to recapitalize European banks and schedules for a comprehensive solution for the region's debt crisis helped global stock and commodities include precious metals gain. SMM expects gold and silver prices to fluctuate upward in the short term as investors’ confidence gradually recovers.