SHANGHAI, Sept. 15 (SMM) -- Most active SHFE 1112 gold contract opened RMB 2.32/gr lower on September 15th and closed at RMB 375.54/gr, down RMB 4.79/gr or 1.26% from previous trading day. Highest and lowest prices during the day were RMB 378.58/gr and RMB 373.1/gr. Shanghai Gold Exchange (SGE) Au9999 spot gold closed at RMB 374.98/gr, down RMB 4.06/gr or 1.07% from previous trading day.
Global gold prices closed lower overnight with alleviated investor worries towards the European debt crisis, which caused slightly lower opening prices in Shanghai today. Both SHFE and SGE gold prices fluctuated downward during the day, with losses widened at the tail of trading. Global haven demand has dropped in the recent period with successively announced bills to revive economy. However, as investors still have monetary easing expectations from US Fed’s interest rate meeting on September 20th, SMM expects gold to remain in fluctuation in the short term with higher chances to move downward.