SHANGHAI, Feb. 29 (SMM) -- COMEX April gold futures opened at USD 1,768.8/oz and closed at USD 1,788.4/oz on February 28, up USD 13.5/oz or 0.76% from the previous trading day, and USD 7.4/oz higher than London’s USD 1,781/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,790.6/oz and USD 1,768/oz.
COMEX March silver futures opened at USD 35.5/oz and closed at USD 37.205/oz on February 28, up USD 1.601/oz or 4.5% from the previous trading day, and USD 1.605/oz higher than London’s USD 35.6/oz during the day. Highest and lowest COMEX prices during the day were USD 37.205/oz and USD 35.4/oz.
European Central Bank’s capital injection for European banks through LTRO will help ease liquidity crunch but also causes inflation concerns, which effectively drove up gold and silver prices. Silver jumped by over 4% after it broke through key resistance to trigger more buying. SMM expects the two precious metals to maintain strength in the near term.
More analysis available in the SMM Precious Metals Weekly 2012.