SMM Morning Review - 2011/11/29 Gold & Silver

SHANGHAI, Nov. 29 (SMM) -- COMEX December gold futures opened at USD 1,685/oz and closed at USD 1,710.8/oz on November 28th, up USD 29.8/oz or 1.77% from the previous trading day, but USD 3.2/oz lower than London’s USD 1,714/oz during the day. Highest and lowest COMEX prices during the day were USD 1,720.2/oz and USD 1,685/oz.

COMEX December silver futures opened at USD 31.3/oz and closed at USD 32.161/oz on November 28th, up USD 1.161/oz or 3.75% from the previous trading day, and USD 0.161/oz higher than London’s USD 32/oz during the day. Highest and lowest COMEX prices during the day were USD 32.2/oz and USD 31.3/oz.

Investors’ risk appetite improved amid rumor that IMF would provide Italy with 400-600 billion euro of financial aid (this rumor was denied by IMF) and expectations that European leaders and their finance ministers will provide stronger support to solve the Euro zone debt crisis. Gold and silver gained as a result of bargain hunting. The market focus will be the EU Summit and European finance ministers meeting. SMM expects fluctuation to continue for gold and silver prices in the short term.