SHANGHAI, Nov. 23 (SMM) – The most active SHFE gold contract 1206 opened RMB 2.98/gr higher on November 23rd, and closed at RMB 351/gr, up RMB 4.47/gr or 1.29% from the previous trading day. Highest and lowest prices during the day were RMB 351.61/gr and RMB 349.31/gr. Shanghai Gold Exchange (SGE) Au9999 spot gold closed at RMB 350.25/gr, up RMB 3.39/gr or 0.98% from the previous trading day.
The metal maintained its gains from higher opening prices despite the climbing US dollar index and a much lower-than-expected manufacturing PMI from HSBC. Traded volume for both gold futures and spot stayed at low levels. SMM expects gold prices to see fluctuation continue in the short term.