SMM Daily Review - 2011/10/14 Shanghai Gold Markets

SHANGHAI, Oct. 14 (SMM) – The most active SHFE 1112 gold contract opened RMB 2.72/gr lower on October 14th, and closed at RMB 346.09/gr, down RMB 0.8/gr or 0.23% from previous trading day. Highest and lowest prices during the day were RMB 346.12/gr and RMB 343.54/gr. Shanghai Gold Exchange (SGE) Au9999 spot gold closed at RMB 345.61/gr, down RMB 1.29/gr or 0.37% from previous trading day.

Shanghai gold prices opened slightly lower today following losses in global gold prices overnight. The metal, together with other commodities, fluctuated upward later with better-than-expected CPI data from China, narrowing losses of the day. Traded volumes in both futures and spot markets contracted further, indicating investors’ interest for the metal cooled on economic uncertainties. SMM expects gold to stay in the fluctuation mode in the short term.