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Pessimism Returns, Gold & Silver at Monthly Record

October 26, 2011 at 3:44 by Vladimir Vyun

Gold and silver reached the highest level in a month on the renewed concerns about the sovereign-debt crisis in the European Union.

The European leaders are planning to meet at the summit today to discuss the recapitalization of banks, boosting of the bailout fund and the participation of private bondholders. Traders are still waiting for some decisive answer from the European chiefs and without it the uncertainty eating away confidence and drive investors to safer assets, like precious metals.

The fundamental reports were also negative for traders’ sentiment and positive for gold. The European manufacturing and services industries contracted. The housing market, the manufacturing and the consumer confidence in the US weren’t improving either.

Gold rose from $1650.40 to $1702.10 per ounce yesterday on COMEX remained at this level today as of 3:35 GMT. Silver traded at $33.09 per ounce today, following yesterday’s advance from $31.74 to $33.22 per ounce.

If you have any questions and comments on the commodities today, use the form below to reply.

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