SHANGHAI, Sept. 23 (SMM) -- Most active SHFE 1112 gold contract opened RMB 6.03/gr lower on September 23rd and closed at RMB 361.24/gr, down RMB 6.27/gr or 1.71% from previous trading day. Highest and lowest prices during the day were RMB 363.68/gr and RMB 355.86/gr. Shanghai Gold Exchange (SGE) Au9999 spot gold closed at RMB 360/gr, down RMB 8/gr or 2.17% from previous trading day.
Global gold prices reported heavy losses overnight due to plunges in financial markets. Shanghai gold prices also opened much lower today, and fluctuated downward with losses slightly widening at close. Positions of gold contracts saw a significant drop today and transaction volume also expanded, which indicated severely damped investors’ confidence. SMM expects gold to remain weak in the short term.