SHANGHAI, Sept. 7 (SMM) -- Most active SHFE 1112 gold contract prices opened RMB 6.27/gr lower on September 7th and closed at RMB 378.7/gr, down RMB 16.54/gr or 4.18% from previous trading day. Highest and lowest prices during the day were RMB 389.88/gr and RMB 376.82/gr. Shanghai Gold Exchange (SGE) Au9999 spot gold closed at RMB 379.49/gr, down RMB 12.69/gr or 3.24% from previous trading day.

Following a plunge globally during previous day, gold prices opened much lower today in Shanghai, and were followed by rapid declines which speeded up at the tail of trading. Transactions in both markets hit records today, with huge decrease in positions being reported. Eruption of profit-taking activities dragged gold prices even lower, indicating prevailing cautious sentiment among investors. SMM expects gold to fluctuate with a downward trend in the short term.