SMM Daily Review - 2011/9/5 Gold Market

SHANGHAI, Sept. 5 (SMM) -- Most active SHFE 1112 gold contract opened RMB 9.9/gr higher on September 5th and closed at RMB 390.6/gr, up RMB 11.33/gr or 2.99% from previous trading day. Highest and lowest prices during the day were RMB 390.66/gr and RMB 387.85/gr. Shanghai Gold Exchange (SGE) Au9999 spot gold closed at RMB 387.6/gr, up RMB 10.34/gr or 2.74% from previous trading day.

Global gold and silver prices closed significantly higher overnight, due to increased worries towards US economy following release of much lower-than-expected new employment data. As a result, gold prices opened much higher today in Shanghai. The metal fluctuated upward during the day with falling stock prices across Asia, and widened gains at the tail of trading. Given increased uncertainties over global economy, gold is expected to remain strong in the short term.