Home / Metal News / Nickel / SMM Daily Review - 2011/8/25 Gold Market
SMM Daily Review - 2011/8/25 Gold Market
Aug 25,2011 17:33CST
price review forecast
Most active SHFE 1112 gold contract prices closed RMB 19.14/gr or 5% lower at RMB 363.51/gr, SGE Au9999 spot gold closed RMB 21.18/gr lower from previous trading at RMB 361.1/gr.

SHANGHAI, Aug. 25 (SMM) -- Most active SHFE 1112 gold contract prices opened RMB 19.14/gr lower on August 25th and closed at RMB 363.51/gr, down RMB 19.14/gr or 5% from previous trading day. Highest and lowest prices during the day were RMB 366.62/gr and RMB 363.51/gr. Shanghai Gold Exchange (SGE) Au9999 spot gold closed at RMB 361.1/gr, down RMB 21.18/gr from previous trading day.

Due to several negative factors including reduced safe haven demand with improving market sentiment, margin hike by CME, excessive growth during previous period and profit-taking pressure, SHFE gold futures opened with a stop price in the morning and maintained the price in the afternoon following a slight rebound in the morning session. Spot gold also plunged by over 5%. Positions of most active SHFE gold contract fell sharply by 1,700 lots. SMM expects gold prices may drop further in the short term.

gold price

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news