SHANGHAI, Feb. 28 (SMM) -- COMEX April gold futures opened at USD 1,777.2/oz and closed at USD 1,774.9/oz on February 27, down USD 1.5/oz or 0.08% from the previous trading day, and USD 5.2/oz higher than London’s USD 1,772/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,779.3/oz and USD 1,766/oz.

COMEX March silver futures opened at USD 35.4/oz and closed at USD 35.524/oz on February 27, up USD 0.186/oz or 0.53% from the previous trading day, and USD 0.434/oz higher than London’s USD 35.09/oz during the day. Highest and lowest COMEX prices during the day were USD 35.6/oz and USD 35.1/oz.

G20 finance ministers’ rejection for a near-term IMF capital injection until after euro zone leaders establish a stronger firewall to inhibit expansion of debt crisis dragged down the euro as well as oil prices while sending the US dollar index higher. Gold dropped slightly as a result while silver retained some gains after wide range fluctuation. SMM expects the two metals to stay at present highs in the near term.

More analysis available in the SMM Precious Metals Weekly 2012.