SMM Morning Review - 2011/10/17 Gold & Silver

SHANGHAI, Oct. 17 (SMM) -- COMEX December gold futures prices opened at USD 1,668.9/oz and closed at USD 1,683/oz on October 14th, up USD 14.5/oz or 0.87% from previous trading day, and USD 5/oz higher than London’s USD 1,678/oz during the day. Highest and lowest COMEX prices during the day were USD 1,685/oz and USD 1,663.7/oz.

COMEX December silver futures prices opened at USD 31.9/oz and closed at USD 32.173/oz on October 14th, up USD 0.506/oz or 1.6% from previous trading day, and USD 0.352/oz higher than London’s USD 31.82/oz during the day. Highest and lowest COMEX prices during the day were USD 32.4/oz and USD 31.4/oz.

Gold, silver, commodities and stocks all climbed last Friday amid market optimism towards Europe’s plan to stem its debt crisis, strong profit data from the US retail industry and US companies as well as a weakening US dollar. Gold and silver are expected to track risk assets in the short term and move mainly based on the EU solution scheduled to be announced this weekend as well as economic data. Further more, we expect the two metals to stay in the upward direction.