SMM Daily Review - 2011/9/6 Shanghai Gold Markets

SHANGHAI, Sept. 6 (SMM) -- Most active SHFE 1112 gold contract prices opened RMB 2.85/gr higher on September 6th and closed at RMB 395.25/gr, up RMB 6.04/gr or 1.55% from previous trading day. Highest and lowest prices during the day were RMB 398.08/gr and RMB 391.5/gr. Shanghai Gold Exchange (SGE) Au9999 spot gold closed at RMB 393.5/gr, up RMB 6.41/gr or 1.66% from previous trading day.

After renewed European debt crisis pushed global gold prices higher overnight, gold prices in Shanghai markets also opened slightly higher today. The metal stayed strong during the day, with gains widening at the tail of trading despite of tremendous profit-taking transactions. Given uncertainties of European and US debt issues in recent period, SMM expects gold to remain strong in the short term.