10th March, 2017

Daily Market Rates

India A.M. (10-03-17)

999 Gold - Rs. 28,610/-
995 Gold - Rs. 28,460/-
916 Gold - Rs. 26,207/-
999 Silver - Rs. 41,140/-

 

 

 

 



India P.M. (09-03-17)

999 Gold - Rs. 28,790/-
995 Gold - Rs. 28,640/-
916 Gold - Rs. 26,372/-
999 Silver - Rs. 41,775/-

Friday, March 10

The UK is to release reports on manufacturing production and the trade balance.
Canada is to publish its monthly employment report.
The U.S. is to round up the week with the closely watched report on nonfarm payrolls.

Daily Gold Market Report

Gold approaches from the target – Analysis - 10-03-2017
Gold price shows more bearish bias to approach from our waited target at 1195.28, which represents 50% Fibonacci correction level for the rise measured from 1127.40 to 1263.17, which means that breaking this level will extend the correctional bearish wave to target 1179.26 level as a next main station. The bearish channel organizes the price move on the intraday basis, while the EMA50 keeps pushing negatively on the price, therefore, we believe that the chances are valid to extend the bearish wave in the upcoming sessions, noting that breaching 1211.30 will stop the current negative pressure and push the price to start recovery attempts that target 1231.13 initially and extend to 1263.17. Expected trading range for today is between 1179.26 support and 1211.30 resistance. Expected trend for today: Bearish

Gold falls below key $1200 level ahead of US jobs data

MARCH 10: Gold fell below the key level of $1,200 an ounce on Friday and was on track for its worst week in four months, pressured by a stronger dollar ahead of the closely-watched US non-farm payrolls report due later in the day. Spot gold was down 0.2 per cent at $1,197.90 per ounce at 0410 GMT, after touching $1,197.02 earlier in the session, its weakest since January 31. The yellow metal has shed about 3 per cent so far this week in what could be its biggest percentage decline since the week ended November 11, 2016.

How gold can get to $10,000

I’m very impressed with the recent gold action because it’s holding its own in the face of an impending rate hike. It’s fallen off a bit, but not dramatically. It tells you there are good fundamentals behind it, independent of the threat of a stronger dollar. I believe the Fed is preparing to raise into weakness and will have to reverse course in April or May. What happens to gold then? It’s going to go higher again, because the Fed will cheapen the dollar, and that’s very bullish for gold. So, I expect gold to take off in the Spring and finish the year very strongly.

Gold is suffering its longest losing streak since last May—but some smell a buying opportunity

The two sides of the gold story The two sides of the gold story Wednesday, 8 Mar 2017 | 3:33 PM ET | 03:03 Gold fell to a one-month low of $1,201.2 in Thursday trading, as the metal sunk for the eight straight session. That means that bullion is in the midst of its longest losing streak in nearly a year. The last time that gold had such a long string of losses was in May, as the U.S. dollar index gained ground, and market fear as measured by the CBOE Volatility Index slid.

Gold futures fall Rs 108 as weak global cues hurt

MUMBAI, MARCH 10: Gold prices were trading down by Rs 108 to Rs 28,338 per 10 grams in futures trade today as participants cut down their holdings amid a weak trend overseas. At Multi Commodity Exchange, gold for delivery in April was trading lower by Rs 108, or 0.38 per cent, at Rs 28,338 per 10 grams, in a business turnover of 516 lots. Also, the metal for June delivery shed Rs 96, or 0.34 per cent, to Rs 28,410 per 10 grams in 47 lots.

NBFC cash loan against gold restricted to Rs 25,000

MUMBAI: Non-Banking Finance Companies (NBFCs) cannot lend more than Rs 25,000 in cash against gold, the Reserve Bank of India said today. The earlier provision for NBFC was that high value loans against gold of Rs 1 lakh and above must only be disbursed by cheque.

The next big gold rally could happen as soon as this spring

‘Trumphoria’ is over—at least as far as the stock market rally is concerned. But this is exactly the point at which gold becomes exceptional, and one little-known explorer is spectacularly poised to cash in on the biggest Spring rally gold has seen in a century.

Gold falls for 4th straight day; down at Rs 29,250 per 10 gm

NEW DELHI, MARCH 9: Gold prices went down for the fourth straight day — this time by Rs. 250 — to Rs. 29,250 per 10 grams, in sync with a weak global trend amid slack demand from local jewellers. Silver also cracked below the Rs. 42,000-mark by plunging Rs. 600 to Rs. 41,500 per kg due to reduced offtake by industrial units and coin makers. Traders said gold fell globally on the growing buzz that the US interest rate is set to go up next week, which would reduce the appeal for the metal as an alternative asset. Globally, gold fell 0.3 per cent to $1,204.28 an ounce in Singapore. In addition, dwindling demand from local jewellers and retailers at the domestic spot market following the end of the wedding season kept the prices depressed.

Gold Slides Below $1,200 in Longest Losing Run Since October

(Bloomberg) -- Gold dipped below $1,200 an ounce in its longest losing run since October as positive U.S. economic figures reinforce expectations that yields on other investments will rise this year. Bullion for immediate delivery fell as much as 0.3 percent to $1,197.70, the lowest since Jan. 31, and was at $1,198.57 at 9:22 a.m. in Singapore, according to Bloomberg generic pricing. The metal is down 2.9 percent this week after dropping on all five days as yields on 10-year Treasurys extended gains, making non-interest bearing assets less attractive.

Buy Comex gold at $1,190-93/oz

March 9, 2017: Comex gold futures sank to a five-week low on Thursday and analysts expect more losses as investors become more certain that US interest rates will rise later in the month. Comex gold futures fell lower against expectations. A direct fall below $1,235 could, however, see the next support at $1,220 being tested again. And, only a failure to hold here could have more bearish implications. The $1,220 level could become a strong resistance point going forward and could cap upside attempts in the coming sessions. A fall below $1,205 has opened the downside for $1,190-93.

Gold settles 0.5% lower for eighth day of losses

Gold settled lower Thursday for an eighth straight session of declines, matching its longest losing streak since May 2016, even as the dollar weakened. Gold for April delivery GCJ7, -0.54% fell $6.20, or 0.5%, to settle at $1,203.20 an ounce, its lowest settlement since late January. Silver for May delivery SIK7, -0.80% declined 26 cents, or 1.5%, to settle at $17.04 an ounce. Meanwhile, the U.S. Dollar Index [s; dxy] declined 0.2% to 101.83.

3 Reasons Why Investors Should Avoid Gold ETFs

Gold may have ended 2016 on a negative note, but the yellow metal is now up 7% since January. A big contributor to its rise is the large inflows into gold exchange-traded funds (gold ETFs). In 2016, inflows into gold ETFs were the second highest on record and accounted for 34% of total investment demand.

Gold, silver trade lower ahead of US jobs data

NEW DELHI: Gold and silver futures on the Multi Commodity Exchange (MCX) were trading lower in early trade on Friday hit by strengthening dollar ahead of US jobs data later in the day. The yellow metal was trading 0.34 per cent, or Rs 96, down at Rs 28,350 per 10 gram, while the white metal was down 1.42 per cent, or Rs 590, at Rs 40,840 per 1 kg around 10.10 am (IST).

Silver futures fall Rs 269 per kg on weak global cues

NEW DELHI, MARCH 10: Amid a weak trend in the global market, silver prices dropped by Rs. 269 to Rs. 41,034 per kg in futures trade today as speculators lightened bets. At the Multi Commodity Exchange, silver for delivery in July traded lower by Rs. 269, or 0.65 per cent, at Rs. 41,034 per kg, in a business turnover of six lots. Also, the white metal for May delivery was trading Rs. 264 down, or 0.65 per cent lower at Rs. 40,570 per kg, in a business volume of 583 lots.

Silver to trade in 40374-41638 range: Achiievers Equities

Silver trading range for the day is 40374-41638. Silver prices dropped as investors become increasingly certain that U.S. interest rates will rise this month. The number of Americans filing for unemployment benefits rose more than expected in the past week. Strong U.S. economic data and comments by Federal Reserve officials have reinforced expectations of a March increase to U.S. rates. SELL SILVER MAY 2017 @ 40950 SL 41200 TGT 40680-40450.MCX.

SILVER TODAY: WAITING FOR SUPPORT TO BE FOUND

The fact silver had managed to accelerate higher despite numerous headwinds was a sign of a robust market. But the ramp up of expectations about a US rate rise this month, which has leapt from 50% on February 28 to 88.6% yesterday, appears to have been just too much of an onslaught. -

Silver Price Break Continues, Searching for Support; NFP Friday Awaits

Since Tuesday, when we last took a look at silver, it has continued to drop below the December trend-line as anticipated, and was unresponsive to the first level of support around 17.40 (old neckline of inverse H&S pattern). Gold also failed to hold its first level of support around the 1217 mark. The decline in precious metals has been fierce, but further losses ahead look likely given the velocity at which they have declined so far, and due to gold not having another real support level readily available until 1180.

Two Member Firms Resign from Silver Price Fixing

The two major firms that oversee the daily silver fixing for the London Bullion Market Association (LBMA) are unexpectedly resigning from their appointments after the passage of a new European benchmark regulation has prompted a review of the group’s silver price-fixing administration arrangements.

Russia's January Gold Purchase Suggests Some Deeper Global Problems

We have been saying for a while now that these Russian gold purchases are not simply financial moves, but also quite political. Gold is a reserve currency and is really the only true reserve currency that can act as an alternative to the US Dollar, thus countries wishing to undermine the US Dollar for whatever reason, would look to diversify into gold.

Gold to jump $200 by end of the year, Bank of America says

Gold may be under pressure in the run-up to the next Federal Reserve rate hike, but prices are expected to rally by around $200 by the end of the year, according to the corporate and investment banking division of Bank of America. In a research note Thursday, analysts at Bank of America Merrill Lynch highlighted its recent dip but said there were reasons for optimism. "While tighter monetary policy is not bullish, inflation and a range of uncertainties, including European elections and protectionism should support the yellow metal. As such, we see prices at $1,400 (per troy ounce) by year-end".

Gold logs more losses on muted demand, slides Rs 250

NEW DELHI: Gold prices went down for the fourth straight day -- this time by Rs 250 -- to Rs 29,250 per 10 grams, in sync with a weakening global trend amid slack demand from local jewellers.Silver also cracked below the Rs 42,000-mark by plunging Rs 600 to Rs 41,500 per kg following reduced offtake by industrial units and coin makers.


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