SHANGHAI, Oct. 17 (SMM) – The most active SHFE 1112 gold contract opened RMB 1.81/gr higher on October 17th, and closed at RMB 347.35/gr, up RMB 2.15/gr or 0.62% from previous trading day. Highest and lowest prices during the day were RMB 348.2/gr and RMB 346.65/gr. Shanghai Gold Exchange (SGE) Au9999 spot gold closed at RMB 348/gr, up RMB 2.5/gr or 0.72% from previous trading day.
Shanghai gold prices opened slightly higher today following global gains overnight. The metal slightly widened gains at the tail of trading after fluctuating at the higher end. At present investors will mainly focus on the final solution for the European debt crisis during the European Summit this weekend. SMM expects gold to remain in the upward track in the short term as fluctuation continues.