SHANGHAI, Feb. 23 (SMM) -- COMEX April gold futures opened at USD 1,760.5/oz and closed at USD 1,771.3/oz on February 22, up USD 12.5/oz or 0.73% from the previous trading day, and USD 8.5/oz higher than London’s USD 1,752/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,783.1/oz and USD 1,752.2/oz.
COMEX March silver futures opened at USD 34.4/oz and closed at USD 34.254/oz on February 22, down USD 0.175/oz or 0.51% from the previous trading day, and USD 0.174/oz higher than London’s USD 34.08/oz during the day. Highest and lowest COMEX prices during the day were USD 34.5/oz and USD 34/oz.
Despite Fitch’s downgrade for Greece from CCC to C, referring to its debt swap as a limited default, British central bank’s meeting minutes indicating a possible larger QE and a 5% loss in the Japanese Yen against the US dollar this February following Japanese central bank’s asset buying led to stronger expectations of a global liquidity expansion, which effectively pushed up gold prices. Silver closed slightly lower due to its relatively strong industrial attribute. Given uncertainty in Middle East, which injected upward momentum in oil prices, and loosening liquidity expectations, SMM expects gold to stay strong in the near term.