SMM Daily Review - 2011/9/19 Shanghai Gold Markets

SHANGHAI, Sept. 19 (SMM) -- Most active SHFE 1112 gold contract opened RMB 9.26/gr higher on September 19th, and closed at RMB 377.95/gr, up RMB 11.01/gr or 3% from previous trading day. Highest and lowest prices during the day were RMB 378.03/gr and RMB 375.4/gr. Shanghai Gold Exchange (SGE) Au9999 spot gold closed at RMB 377.25/gr, up RMB 10.12/gr or 2.76% from previous trading day.

Investor worries towards a Greek default continued after European finance ministers failed to provide any breakthrough on solving euro zone debt issues, which led gold prices to close higher during previous day. Shanghai gold prices also opened much higher today, and maintained their upward moves with gains widening at the tail of trading backed by dropping stock and commodity prices. The market will focus on the Fed interest rate meeting this week, and gold is expected to continue its bullish run in the short term.