SMM Morning Review - 2011/11/2 Gold & Silver

SHANGHAI, Nov. 2 (SMM) -- COMEX December gold futures prices opened at USD 1,716.9/oz and closed at USD 1,711.8/oz on November 1st, down USD 13.4/oz or 0.78% from the previous trading day, and USD 12.8/oz higher than London’s USD 1,699/oz during the day. Highest and lowest COMEX prices during the day were USD 1,724/oz and USD 1,686.6/oz.

COMEX December silver futures prices opened at USD 34.2/oz and closed at USD 32.7/oz on November 1st, down USD 1.654/oz or 4.81% from the previous trading day, and USD 0.27/oz lower than London’s USD 32.97/oz during the day. Highest and lowest COMEX prices during the day were USD 34.7/oz and USD 32.3/oz.

Gold and silver quickly plunged with the strengthening risk aversion sentiment after the unexpected Greek referendum led to worries that Europeans might lose control of the region’s debt crisis. MF Global’s filing for bankruptcy protection added to this sentiment. The two metals slightly rebounded later after the latest US ISM manufacturing data missed market expectations to drag down the US dollar index a little bit. SMM expects gold and silver to continue fluctuating within wide ranges in the short term.