SHANGHAI, Oct. 13 (SMM) – The most active SHFE 1112 gold contract opened RMB 2.82/gr higher on October 13th, and closed at RMB 346.42/gr, up RMB 1.24/gr or 0.36% from previous trading day. Highest and lowest prices during the day were RMB 348.7/gr and RMB 345.32/gr. Shanghai Gold Exchange (SGE) Au9999 spot gold closed at RMB 347/gr, up RMB 1.51/gr or 0.44% from previous trading day.

Shanghai gold prices opened slightly higher today following slight gains in global gold prices overnight with lessened investor worries toward the European debt crisis. The metal fluctuated at higher-end prices during first few trading hours, but trimmed gains before ending the trading day. Traded volumes of the metal dropped in both futures and spot markets, indicating that investors were cautious amid uncertainties on the global economy. SMM expects gold prices to continuously fluctuate near current levels in the short term.