SMM Morning Review - 2012/7/31 Gold & Silver

SHANGHAI, Jul. 31 (SMM) – COMEX gold futures for December delivery opened at USD 1627.4/oz and closed at USD 1625.1/oz Jul. 30, up USD 2.4/oz or 0.15% from the previous trading day, and USD 7.35/oz higher than London’s USD 1617.75/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1629.4/oz and USD 1618.3/oz.

COMEX silver for September delivery opened at USD 27.7/oz and finally settled at USD 28.033/oz, up USD 0.533/oz or 1.94% from the previous trading day, and USD 0.393/oz higher than London’s USD 27.64/oz of the day. Highest and lowest COMEX prices during the day were USD 28.2/oz and USD 27.5/oz.

COMEX December gold prices edged up and represented uptrend for a fourth straight day. Since the S&P cut projected GDP growth for the euro zone, market expects the Fed and ECB will introduce further easing measures this week, pushing up gold prices. On Tuesday, gold prices are expected to continue to rise.