SHANGHAI, Feb. 27 (SMM) -- COMEX April gold futures opened at USD 1,780.8/oz and closed at USD 1,776.4/oz on February 24, down USD 9.9/oz or 0.55% from the previous trading day, and USD 0.9/oz lower than London’s USD 1,777.5/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,783.2/oz and USD 1,772.5/oz.

COMEX March silver futures opened at USD 35.4/oz and closed at USD 35.42/oz on February 24, down USD 0.216/oz or 0.61% from the previous trading day, and USD 0.15/oz lower than London’s USD 35.57/oz during the day. Highest and lowest COMEX prices during the day were USD 35.7/oz and USD 35.3/oz.

Following two jumps on Wednesday and Thursday, gold and silver prices dropped slightly last Friday due to profit-taking. G20 finance ministers will meet this week to discuss about the third round of Long-Term Refinancing Operation (LTRO) which provides three-year unlimited amount of loans to European banks. That, with Chinese central bank governor Zhou Xiaochuan’s remarks that China will strive to provide more IMF resources, significantly boosted investor confidence, helping the euro return to a high against the US dollar since 2008. SMM expects gold and silver to stay in strong positions in the near term while moderate volatility stays.

More analysis available in SMM’s Shanghai Precious Metals Weekly 2012.