SHANGHAI, Nov. 10 (SMM) -- COMEX December gold futures opened at USD 1,786.6/oz and closed at USD 1,791.6/oz on November 9th, down USD 7.6/oz or 0.42% from the previous trading day, and USD 7.6/oz higher than London’s USD 1,784/oz during the day. Highest and lowest COMEX prices during the day were USD 1,799.5/oz and USD 1,765.4/oz.
COMEX December silver futures opened at USD 35/oz and closed at USD 34.361/oz on November 9th, down USD 0.792/oz or 2.25% from the previous trading day, and USD 0.219/oz lower than London’s USD 34.58/oz during the day. Highest and lowest COMEX prices during the day were USD 35.2/oz and USD 33.8/oz.
The yield of 10-year Italian debt surged to 7.502%, a new high since establishment of the Euro zone, on November 9th after LCH.Clearnet SA, a liquidation company lifted margin requirements for Italian debt. As a result, increased heaven demand due to worsening worries towards the financial situation in Italy helped the US dollar index surge, which in turn pressed down gold and silver prices. Italy will be the short term market focus as investors are increasingly worried whether Italy has the ability to solve its debt crisis. SMM expects that gold and silver will fluctuate within wide ranges in the short term while facing pressures from the US dollar.