SMM Daily Review - 2011/8/29 Gold Market

SHANGHAI, Aug. 29 (SMM) -- Most active SHFE 1112 gold contract prices opened RMB 7.3/gr higher on August 29th and closed at RMB 376.79/gr, up RMB 9.59/gr or 2.61% from previous trading day. Highest and lowest prices during the day were RMB 377.39/gr and RMB 373.5/gr. Shanghai Gold Exchange (SGE) Au9999 spot gold closed at RMB 375.5/gr, up RMB 10.18/gr or 2.79% from previous trading day.

With a continued rebound of global gold prices overnight, Shanghai gold prices opened much higher and moved upward with gains widening at the tail of trading on August 29th. Though US Fed president Bernanke did not mention QE3 in his annual meeting remarks, the market believes similar stimulating polices to QE3 will surely be provided in the future, which will continuously keep gold strong.