SHANGHAI, Mar. 6 (SMM) -- COMEX gold futures for delivery in April opened at USD 1,712.4/oz and closed at USD 1,703.9/oz on March 5, down USD 5.9/oz or 0.35% from the previous trading day, and USD 1.1/oz lower than London’s USD 1,705/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,716.7/oz and USD 1,696.4/oz.
COMEX silver futures for May delivery opened at USD 34.7/oz and closed at USD 33.7/oz on March 5, down USD 0.8/oz or 2.4% from the previous trading day, and USD 0.48/oz lower than London’s USD 34.18/oz during the day. Highest and lowest COMEX prices during the day were USD 34.9/oz and USD 33.7/oz.
Gold and silver shed more losses on Monday as euro zone again reported weak economic data and Chinese Premier Wen Jiabao lowered the nation’s GDP growth target to 7.5, an 8-year low. Silver closed at its intraday low due to strong industrial relevance. SMM expects gold and silver to stay at weak positions in the near term.
More analysis available in the SMM Precious Metals Weekly 2012.