SHANGHAI, Nov. 9 (SMM) – The most active SHFE gold contract for delivery in June 2012 opened RMB 0.2/gr lower on November 9th, and closed at RMB 367.02/gr, down RMB 1.36/gr or 0.37% from the previous trading day. Highest and lowest prices during the day were RMB 369.1/gr and RMB 366.52/gr. Shanghai Gold Exchange (SGE) Au9999 spot gold closed at RMB 364.91/gr, down RMB 0.48/gr or 0.13% from the previous trading day.
Shanghai gold prices opened slightly lower, slipped in the afternoon with the strengthening US dollar and widened losses at the tail of trading. Both traded volume and positions of gold futures declined as a result of profit-taking activities. SMM expects certain pressure for gold prices in the short term, but is still optimistic towards the metal.