SHANGHAI, Mar. 1 (SMM) -- COMEX gold futures for delivery in April opened at USD 1,785.7/oz and closed at USD 1,711.3/oz on February 29, down USD 77.1/oz or 4.31% from the previous trading day, and USD 58.7/oz higher than London’s USD 1,770/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,792.2/oz and USD 1,688.5/oz.
COMEX silver futures for May delivery opened at USD 36.99/oz and closed at USD 34.642/oz on February 29, down USD 2.563/oz or 6.89% from the previous trading day, and USD 2.588/oz lower than London’s USD 37.23/oz during the day. Highest and lowest COMEX prices during the day were USD 37.57/oz and USD 33.98/oz.
European Central Bank’s LTRO2 failed to bring much support as it is impact was already consumed. Fed president Bernanke’s remarks denying any near term monetary easing later, on the other hand, caused plunges in gold and silver prices as the latter lost appeal and due to profit-taking. Weakness is expected to stay in the two precious metals in the near term given consumed support from Europe and the improving US employment market.
More analysis available in the SMM Precious Metals Weekly 2012.