SHANGHAI, Sept. 27 (SMM) – The most active SHFE 1112 gold contract opened RMB 4.3/gr lower on September 27th, and closed at RMB 341.44/gr, down RMB 1.2/gr or 0.35% from previous trading day. Highest and lowest prices during the day were RMB 343.56/gr and RMB 336.21/gr. Shanghai Gold Exchange (SGE) Au9999 spot gold closed at RMB 342.3/gr, up RMB 14.74/gr or 4.5% from previous trading day.
After global gold prices stopped falling and stabilized overnight, Shanghai gold prices opened lower today and fluctuated upward with gold futures recovering most losses and spot gold returning to the upward track at the tail of trading. Since today’s rebound is a temporary one following the market panic overnight, gold price is expected keep fluctuating within narrow ranges in the short term as the metal recovers previous loss.