SHANGHAI, Sept. 28 (SMM) – The most active SHFE 1112 gold contract opened RMB 0.17/gr higher on September 28th, and closed at RMB 341.25/gr, up RMB 1.43/gr or 0.42% from previous trading day. Highest and lowest prices during the day were RMB 341.99/gr and RMB 337.05/gr. Shanghai Gold Exchange (SGE) Au9999 spot gold closed at RMB 343.25/gr, up RMB 3.37/gr or 0.99% from previous trading day.
Driven by global gains overnight, Shanghai gold prices opened slightly higher today. The metal fluctuated within wide ranges before quickly climbing at the tail of trading supported by weakening US dollar index. SMM expects gold prices to continue fluctuation in the short term as investors wait for the approval result for the European Financial Stability Fund (EFSF) expansion.