SHANGHAI, Mar. 23 (SMM) -- COMEX gold futures for delivery in April opened at USD 1,648.8/oz and closed at USD 1,642.5/oz on March 22, down USD 7.8/oz or 0.47% from the previous trading day, while USD 7/oz higher than London’s USD 1,635.5/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,654.5/oz and USD 1,628/oz.

COMEX silver futures for May delivery opened at USD 32.1/oz and closed at USD 31.64/oz on March 22, down USD 0.587/oz or 1.82% from the previous trading day, and USD 0.15/oz lower than London’s USD 31.79/oz during the day. Highest and lowest COMEX prices during the day ere USD 32.3/oz and USD 31.2/oz.

Worries towards China and euro zone economies following weaker-than-expected manufacturing data triggered losses in both gold and silver. Economic data continued to flow out of the US, in contrast, adding to the appeal of US assets while haven-demand increases. As such, SMM stays pessimistic towards this near term gold and silver prices.

More analysis available in 2012 SMM Precious Metals Weekly.