SMM Morning Review - 2011/10/14 Gold & Silver

SHANGHAI, Oct. 14 (SM) -- COMEX December gold futures prices opened at USD 1,677/oz and closed at USD 1,668.5/oz on October 13th, down USD 14.1/oz or 0.84% from previous trading day, and USD 12.5/oz higher than London’s USD 1,656/oz during the day. Highest and lowest COMEX prices during the day were USD 1,685.2/oz and USD 1,655/oz.

COMEX December silver futures prices opened at USD 32.6/oz and closed at USD 31.667/oz on October 13th, down USD 1.122/oz or 3.42% from previous trading day, and USD 0.303/oz lower than London’s USD 31.97/oz during the day. Highest and lowest COMEX prices during the day were USD 32.8/oz and USD 31.455/oz.

After China’s trade data missed expectations, market worries that the global economy will slow down gained strength again, with the US dollar index closing higher overnight. European and US stock prices slipped on worries towards the banking industry. Gold and silver also closed lower. Meanwhile, though Slovakia approved the EFSF expansion, how the fund will be allocated and whether European banks have recapitalization plans are still uncertain. As global markets wait for a new solution for the European debt crisis, gold and silver prices are expected to continue fluctuating.