SHANGHAI, Aug. 24 (SMM) -- Most active SHFE 1112 gold contract prices opened RMB 10.21/gr lower on August 24th and closed at RMB 380.9/gr, down RMB 11.31/gr or 2.88% from previous trading day. Highest and lowest prices during the day were RMB 384.49/gr and RMB 380.5/gr. Shanghai Gold Exchange (SGE) Au9999 spot gold closed at RMB 380.5/gr, down RMB 9.71/gr or 2.49% from previous trading day.
Shanghai gold prices opened much lower today due to dropping prices in global markets, with both positions and prices falling at the tail of trading following fluctuation during the day. Falling pressure for gold prices is relatively huge due to profit taking following previous surges, and SMM expects gold prices to keep fluctuating in the short term.