SHANGHAI, Mar. 8 (SMM) -- COMEX gold futures for delivery in April opened at USD 1,675/oz and closed at USD 1,683.9/oz on March 7, up USD 11.8/oz or 0.71% from the previous trading day, and USD 6.4/oz higher than London’s USD 1,677.5/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,686.4/oz and USD 1,672.8/oz.
COMEX silver futures for May delivery opened at USD 33/oz and closed at USD 33.585/oz on March 7, up USD 0.802/oz or 2.45% from the previous trading day, and USD 0.425/oz higher than London’s USD 33.17/oz during the day. Highest and lowest COMEX prices during the day were USD 33.6/oz and USD 32.8/oz.
Latest reports that 60% private investors agree to participate in the Greek debt swap mean debt restructuring of the nation is in order, which led to more pessimism towards a successful private sector involvement (PSI). Meanwhile, Fed’s Sterilized QE targeting property loans also helped gold and silver prices gain. Greek debt and US non-farm payroll data are near term market focuses. SMM expects weakness in the two precious metals.
More analysis available in the SMM Precious Metals Weekly 2012.