SMM Daily Review - 2011/11/29 Shanghai Gold Markets

SHANGHAI, Nov. 29 (SMM) – The most active SHFE gold contract 1206 opened RMB 0.84/gr higher on November 29th, and closed at RMB 352.63/gr, up RMB 1.47/gr or 0.42% from the previous trading day. Highest and lowest prices during the day were RMB 353.1/gr and RMB 351.31/gr. Shanghai Gold Exchange (SGE) Au9999 spot gold closed at RMB 352.04/gr, up RMB 1.62/gr or 0.46% from the previous trading day.

Gains in global gold prices overnight led to higher opening prices for gold in Shanghai. The metal widened gains at the tail of trading supported by climbing Chinese stock prices. Investors at present are focusing on results of the European finance ministers meeting and mostly hold optimistic expectations. SMM expects gold to continue fluctuation within wide ranges and may head upward in the short term.