SHANGHAI, Nov. 8 (SMM) -- COMEX December gold futures prices opened at USD 1,755.5/oz and closed at USD 1,791.1/oz on November 7th, up USD 35/oz or 1.99% from the previous trading day, and USD 9.1/oz higher than London’s USD 1,782/oz during the day. Highest and lowest COMEX prices during the day were USD 1,799.9/oz and USD 1,755.5/oz.

COMEX December silver futures prices opened at USD 34/oz and closed at USD 34.828/oz on November 7th, up USD 0.744/oz or 2.18% from the previous trading day, and USD 0.348/oz higher than London’s USD 34.48/oz during the day. Highest and lowest COMEX prices during the day were USD 35.01/oz and USD 34/oz.

The political disorder in Europe continued. While major parties of Greece agreed to set up a united government, the Italian government is facing pressures to step down, with Italian’s 10-year debt yield hitting 6.67%, a new high since establishment of the Euro zone. Investor worries that Italy may become the next problematic economy of the Euro zone pushed gold and silver higher overnight as haven demand surged. After Italy replaced Greece to become the focus of the European debt crisis, gold and silver will remain strong in the short term due to uncertainties in Europe.