SMM Morning Review - 2011/10/25 Gold & Silver

SHANGHAI, Oct. 25 (SMM) -- COMEX December gold futures prices opened at USD 1,640.9/oz and closed at USD 1,652.3/oz on October 24th, up USD 16.2/oz or 0.99% from the previous trading day, and USD 0.3/oz higher than London’s USD 1,652/oz during the day. Highest and lowest COMEX prices during the day were USD 1,662.8/oz and USD 1,637.3/oz.

COMEX December silver futures prices opened at USD 31.4/oz and closed at USD 31.644/oz on October 24th, up USD 0.451/oz or 1.45% from the previous trading day, and USD 0.056/oz lower than London’s USD 31.7/oz during the day. Highest and lowest COMEX prices during the day were USD 32.03 /oz and USD 31.3/oz.

Optimism towards an agreement for recapitalizing Euro zone banks and leveraging the EFSF, together positive PMI data from China indicating the China economic growth may has already dropped to the lowest level, lifted up investors’ confidence for the global economy, with stock and commodity prices climbing. Gold and silver also closed slightly higher. SMM expects gold and silver prices to continue fluctuating in the short term until the EU Summit solution is finalized.