SMM Daily Review - 2011/9/2 Gold Market

SHANGHAI, Sept. 2 (SMM) -- Most active SHFE 1112 gold contract prices opened RMB 0.45/gr higher on September 2nd and closed at RMB 381.24/gr, up RMB 3.89/gr or 1.03% from previous trading day. Highest and lowest prices during the day were RMB 381.5/gr and RMB 377.61/gr. Shanghai Gold Exchange (SGE) Au9999 spot gold closed at RMB 380.19/gr, up RMB 4.69/gr or 1.25% from previous trading day.

Gold prices opened slightly higher today, and maintained a fluctuating trend before widening gains at the tail of trading with falling stock prices across Asia and the US as well as increased market worries caused by Europe’s rejection of 200 billion capital increase appeal by IMF. Meanwhile, as investors are pessimistic towards US non-farm payroll data tonight, gold is expected to remain strong in the short term.