SHANGHAI, Nov. 28 (SMM) -- COMEX December gold futures opened at USD 1,695/oz and closed at USD 1,681/oz on November 25th, down USD 14.1/oz or 0.83% from the previous trading day, and USD 7.5/oz lower than London’s USD 1,688.5/oz during the day. Highest and lowest COMEX prices during the day were USD 1,697.3/oz and USD 1,673.8/oz.

COMEX December silver futures opened at USD 31.8/oz and closed at USD 31/oz on November 25th, down USD 0.835/oz or 2.62% from the previous trading day, and USD 0.24/oz lower than London’s USD 31.24/oz during the day. Highest and lowest COMEX prices during the day were USD 31.8/oz and USD 31/oz.

A downgrade for Portugal by Fitch, Hungary by Moody’s and Belgium by Standard & Poor’s indicates the European debt crisis is spreading to core countries in the region. Credit risks surged to higher levels with climbing US dollar financing cost. Gold and silver were depressed together with other risky assets as a result of the strengthening US dollar. IMF data shows central banks bought 26 mt of gold in October. Therefore, central banks will continue to provide strong support for gold. SMM expects gold and silver to continue drastic fluctuations in the short term.