SHANGHAI, Jul. 20 (SMM) – SHFE 1510 turned to the most active contract, to open last Friday evening session at RMB 12,930/mt and grew to RMB 13,020/mt. But later, the price fell below RMB 13,000/mt and ended at RMB 12,985/mt, up RMB 30/mt.
At 9:30 Monday, gold prices hit a 5-year low due to tumbling net long positions as Yellen’s speech raised hopes for interest rate hike this year. SHFE 1510 lead dipped to RMB 12,880/mt and then followed gold prices up. The price hovered between RMB 12,920-12,940/mt in the afternoon, to close at RMB 12,940/mt, falling RMB 10/mt. Trading volumes totaled 1,460 lots with positions up 674 to 13,096.