SHANGHAI, Sept. 8 (SMM) -- Most active SHFE 1112 gold contract opened RMB 4.15/gr lower on September 8th and closed at RMB 382/gr, down RMB 0.85/gr or 0.22% from previous trading day. Highest and lowest prices during the day were RMB 382.1/gr and RMB 377.9/gr. Shanghai Gold Exchange (SGE) Au9999 spot gold closed at RMB 380.9/gr, down RMB 2.33/gr or 0.61% from previous trading day.

Following losses in European and US markets overnight, gold prices opened lower today in Shanghai. However, a strong rebound was seen in the afternoon following previous drastic fluctuation, helping the metal paring losses before closing slightly lower. Gold prices might gain huge volatility following release of interest rate resolutions by European and British central banks as well as delivery of employment remarks from US president Obama.