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

SHANGHAI, Nov. 11 (SMM) -- COMEX December gold futures opened at USD 1,771/oz and closed at USD 1,759.6/oz on November 10th, down USD 32/oz or 1.79% from the previous trading day, and USD 3.6/oz higher than London’s USD 1,756/oz during the day. Highest and lowest COMEX prices during the day were USD 1,775.5/oz and USD 1,745.8/oz.

COMEX December silver futures opened at USD 34.1/oz and closed at USD 34.106/oz on November 10th, down USD 0.255/oz or 0.74% from the previous trading day, and USD 0.396/oz higher than London’s USD 33.71/oz during the day. Highest and lowest COMEX prices during the day were USD 34.2/oz and USD 33.3/oz.

Italy’s successful debt selling increased investors’ optimism that the Italian parliament will soon approve the country’s budget plans. Meanwhile, Greece appointed previous ECB vice president as its new prime minister. Both indicated that Italy and Greece are developing in positive directions. Gold and silver prices dropped as a result of less haven demand. SMM expects more drastic fluctuations for gold and silver prices due to uncertainties in Europe.