SHANGHAI, Sept. 29 (SMM) – The most active SHFE 1112 gold contract opened RMB 11.79/gr lower on September 29th, and closed at RMB 335.09/gr, down RMB 3.73/gr or 1.1% from previous trading day. Highest and lowest prices during the day were RMB 336.47/gr and RMB 327.02/gr. Shanghai Gold Exchange (SGE) Au9999 spot gold closed at RMB 336/gr, down RMB 4.78/gr or 1.4% from previous trading day.
Shanghai gold prices opened much lower today due to further losses in global gold prices overnight. The metal fluctuated upward after the opening and trimmed most losses before its close. A significant drop in gold contract positions was seen today as a result of short covering and cautious sentiment among investors. SMM expects Shanghai gold prices to continue fluctuation within narrow ranges as investors focus on the voting result for EFSF expansion in Germany.