SHANGHAI, Nov. 8 (SMM) – The most active SHFE gold contract 1206 opened RMB 4.78/gr higher on November 8th, and closed at RMB 368.18/gr, up RMB 4.39/gr or 1.21% from the previous trading day. Highest and lowest prices during the day were RMB 369.16/gr and RMB 367.79/gr. Shanghai Gold Exchange (SGE) Au9999 spot gold closed at RMB 365.2/gr, up RMB 3.55/gr or 0.98% from the previous trading day.
Shanghai gold prices gapped higher today following gains in global gold prices overnight. The metal fluctuated at higher levels of the day before trimming gains at the tail of trading. Transactions were sparse during the day. No significant change was seen in positions of gold futures as most investors were cautious. SMM expects gold to remain strong in the short term amid lasting uncertainties in Europe.