SMM Morning Review - 2011/11/23 Gold & Silver

SHANGHAI, Nov. 23 (SMM) -- COMEX December gold futures opened at USD 1,678.5/oz and closed at USD 1,702.4/oz on November 22nd, up USD 23.8/oz or 1.42% from the previous trading day, and USD 3.4/oz higher than London’s USD 1,699/oz during the day. Highest and lowest COMEX prices during the day were USD 1,704.8/oz and USD 1,675.1/oz.

COMEX December silver futures opened at USD 31.6/oz and closed at USD 32.951/oz on November 22nd, up USD 1.835/oz or 5.9% from the previous trading day, and USD 1.101/oz higher than London’s USD 31.85/oz during the day. Highest and lowest COMEX prices during the day were USD 33/oz and USD 31.2/oz.

Investors’ risk appetite lowered after the adjusted U.S. GDP growth for the third quarter missed market expectations, pushing up the U.S. dollar index while weighing on gold and silver. However, short covering and bargain-hunting following plunges during the previous trading day still led to remarkable gains for the two metals. Meanwhile, Spanish debt yields stayed high today as investors’ worries towards the European debt crisis were little eased given the lack of a political plan to solve the debt crisis in Europe.