SHANGHAI, Mar. 27 (SMM) -- COMEX gold futures for delivery in April opened at USD 1,662.2/oz and closed at USD 1,685.6/oz on March 26, up USD 24.8/oz or 1.49% from the previous trading day, and USD 5.35/oz higher than London’s USD 1,680.25/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,692.1/oz and USD 1,656.8/oz.
COMEX silver futures for May delivery opened at USD 32.2/oz and closed at USD 32.75/oz on March 26, up USD 0.65/oz or 2.02% from the previous trading day, and USD 0.52/oz higher than London’s USD 32.23/oz during the day. Highest and lowest COMEX prices during the day were USD 32.9/oz and USD 32.1/oz.
Jumping gold and silver prices overnight were mainly supported by Fed President Bernanke’s claim that higher economic growth is needed to stimulate employment, which has been understood as a need for more stimulus monetary policies. SMM expects gold and silver to stay at present levels supported by renewed QE3 expectations.
More analysis available in 2012 SMM Precious Metals Weekly.