SHANGHAI, Oct. 28 (SMM) – The most active SHFE 1206 gold contract opened RMB 6.28/gr higher on October 28th, and closed at RMB 358.06/gr, up RMB 2.34/gr or 0.66% from the previous trading day. Highest and lowest prices during the day were RMB 362.3/gr and RMB 357.32/gr. Shanghai Gold Exchange (SGE) Au9999 spot gold closed at RMB 356.25/gr, up RMB 2.37/gr or 0.67% from the previous trading day.
Shanghai gold prices opened significantly higher today supported by a surge globally overnight. The metal timed gains during following trading hours, however, amid profit-taking activities and limited investments at the month end. SMM expects gold to remain strong in the short term as fluctuation continues.