SHANGHAI, Mar. 21 (SMM) -- COMEX gold futures for delivery in April opened at USD 1,663.6/oz and closed at USD 1,647/oz on March 20, down USD 20.3/oz or 1.22% from the previous trading day, and USD 9.75/oz lower than London’s USD 1,656.75/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,664.3/oz and USD 1,643.4/oz.

COMEX silver futures for May delivery opened at USD 32.9/oz and closed at USD 31.834/oz on March 20, down USD 1.166/oz or 3.53% from the previous trading day, and USD 0.386/oz lower than London’s USD 32.22/oz during the day. Highest and lowest COMEX prices during the day were USD 32.9/oz and USD 31.8/oz.

Strengthening of the US dollar following positive Fed remarks towards the US economy and BHP Billiton’s report of slowing Chinese steel output was the major cause of heavy losses in gold and silver prices overnight. SMM continues to put the two precious metals on the negative side in the near term as the US economic recovery continues.

More analysis available in 2012 SMM Previous Metals Weekly.