SHANGHAI, Feb. 8 (SMM) -- COMEX April gold futures opened at USD 1,722.9/oz and closed at USD 1,747/oz on February 7, up USD 22.1/oz or 1.28% from the previous trading day, and USD 23/oz higher than London’s USD 1,724/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,752.6/oz and USD 1,712.6/oz.
COMEX March silver futures opened at USD 33.66/oz and closed at USD 34.194/oz on February 7, up USD 0.394/oz or 1.17% from the previous trading day, and USD 0.914/oz higher than London’s USD 33.28/oz during the day. Highest and lowest COMEX prices during the day were USD 34.365/oz and USD 33.16/oz.
Gold and silver prices climbed rapidly on Tuesday supported by QE3 expectations following Fed President Bernanke’s remarks that the US labor market is far from the normal state and that an 8.3% unemployment rate underestimated weakness in the market. The Greek debt talk will stay a market focus today. SMM expects gold and silver prices to stay near the recent high in the near term.