Shanghai gold price today traded sharply higher in Chinese yuan, with spot gold marked at 35,280.78 CNY per troy ounce, a gain of 887.49 CNY or 2.58% on the session. On a gram basis, the move places gold at 1,134.30 CNY per gram, reflecting the same percentage increase.
For clarity, unit conversion is fixed at 1 troy ounce = 31.1034768 grams. All ounce-to-gram comparisons in this report follow that standard conversion to avoid unit inconsistencies.
Shanghai Physical Gold Momentum
The advance extends an already strong longer-term trend in yuan-denominated gold. Over the past 30 days, gold remains modestly higher, but the broader structure shows significant strength, with gains exceeding 40% over six months and more than 60% over the past year. The current session’s move reinforces the upward bias visible across medium- and long-term performance metrics.
Intraday action showed steady accumulation into the close, with prices holding near session highs. The firm tone reflects persistent domestic demand alongside global macro drivers that continue to support bullion pricing.
SHFE Gold Futures Overview
On the Shanghai Futures Exchange, gold contracts are quoted in CNY per gram. The most actively traded contract was au2604, last trading at 1,110.10 CNY per gram. The session range for the contract spanned from a high of 1,130.38 to a low of 1,087.32, indicating notable intraday volatility.
Trading activity concentrated heavily in this maturity, with volume reaching 303,568 contracts and open interest standing at 153,140. Liquidity clustering in a single lead contract typically signals where institutional positioning is most active.
The next most liquid contract, au2606, last traded at 1,113.46 CNY per gram, recording volume of 63,719 contracts and open interest of 92,475.
Futures Curve Structure
The gold futures strip shows a gradual upward progression in prices across later delivery months. Near-dated contracts trade below deferred maturities, with far-dated contracts extending toward the 1,124 CNY per gram area. This upward slope reflects a typical time-value structure within precious metals markets.
Using the standardized conversion, the most active contract at 1,110.10 CNY per gram corresponds to approximately 34,528 CNY per troy ounce. This conversion is presented strictly for unit alignment and does not imply synchronized pricing between physical and futures markets.
Contract Calendar and Positioning
The February contract reaches expiration on 24 February 2026, with April and June contracts expiring on 15 April 2026 and 15 June 2026 respectively. Liquidity is already concentrated in the April maturity as market participants roll exposure forward.
The combination of elevated volume, steady open interest, and firm physical pricing underscores continued engagement in Shanghai gold markets. Price action across both spot and futures contracts indicates sustained participation from hedgers and directional traders as bullion remains firmly supported in yuan terms.
Contract specifications and market details are available via the Shanghai Futures Exchange.
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