Another Chinese bonanza is in the offing after fourth seed Chen Jin came from behind to beat Gade 19-21 21-8 21-11 and Baun lost to seventh seed Lin Wang 21-11 21-8.
Gade, 33, a world finalist in 2001, got off to a flying start in the hot and humid de Coubertin stadium but Chen, beaten finalist in 2009, battled his way back and in the end was fully in control.
The gallant Dane saved three match points to no avail as Chen clinched his place in the final on Sunday when he will meet former world champion Taufik Hidayat of Indonesia or South Korean 13th seed Park Sung-hwan.
Chen has expressed his wish to oust Lin Dan as China's No 1 and on Saturday's form he could achieve his goal. Tenacious in defence and with an impressive armoury in attack, he looked very much a world champion in the making.
China are assured of gold in the women's singles after Baun's defeat as the second semifinal later on Saturday is an all-Chinese affair between third seed Wang Xin and Wang Shixian, seeded six.
Results: Men's singles: 4-Chen Jin (China) bt 2-Peter Gade (Denmark) 19-21 21-8 21-11.
Women's singles: 7-Lin Wang (China) bt 4-Tine Baun (Denmark) 21-11 21-8.
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