MARKET REVIEW OF THE SGE IN AUGUST 2004

In August, the Shanghai Gold Exchange traded 60,459 kilograms of gold. The gold traded in the first eight months 2004 increased by 38.19 per cent year-on-year to 400,545.70 kilograms, with the trading value up 58.31 per cent to 42.947 billion yuan. Platinum traded in the SGE was1,166 kilograms in August. From January to August, the SGE recorded 17,936 kilograms of platinum trading, valued at 4.145 billion yuan.

In August, the global gold price was pumped up by soaring oil price, with a month high and low of US$414.10 and US$388.55 respectively. The international platinum price went up in fluctuation, moving between US$820 and US$883.

Au99.95 in the SGE opened the month at 104.88 yuan per gram, and closed at 108.22 yuan, up 3.97 per cent. Platinum opened the month at 227.50 yuan per gram, and closed the month at 238.31 yuan, up 6.10 per cent.

In August, delivery volume for gold was 15,230 kilograms with the delivery ratio down 14.84 percentage points month-on-month to 50.38 per cent. Delivery volume for platinum was 566 kilograms. The clients in the SGE reached 650 with 26 new entrants.