10th July, 2017

Daily Market Rates

India A.M. (10-07-17)

999 Gold - Rs. 27,855/-
995 Gold - Rs. 27,705/-
916 Gold - Rs. 25,515/-
750 Gold - Rs. 20,891/-
583 Gold - Rs. 16,295/-
999 Silver - Rs. 35,870/-





India P.M. (7-07-17)

999 Gold - Rs. 28,235/-
995 Gold - Rs. 28,085/-
916 Gold - Rs. 25,863/-
750 Gold - Rs. 21,176/-
583 Gold - Rs. 16,517/-
999 Silver - Rs. 36,910/-

Monday, July 10

China is to release data on consumer and producer price inflation.
In the euro zone, Germany is to report on its trade balance.

Daily Gold Market Report

Gold settles at the target – Analysis - 10-07-2017
Gold price managed to hit our waited target at 1208.92 and settles there, accompanied by stochastic reach to the oversold levels, which forms positive factor that we expect to assist to push the price to recover in the upcoming sessions, waiting for testing 1229.32 level initially. Therefore, the bullish bias will be preferred for today consitioned by holding above 1208.92 level, where breaking this level will push the price to target 118.52 levels directly, while breaching 1229.32 will extend gold gains to reach 1254.56 on the near term basis. Expected trading range for today is between 1200.00 support and 1235.00 resistance. Expected trend for today: Bullish

14th India International Gold Convention

IBJA in association with SRDC has launched Skill oriented course for Jewellery Manufacturing Techniques (JMT-1).

For Admissions, contact: Kejal 022 49717444

Gold, silver in red; Should you buy?

Gold and silver were trading in red in early trade on Monday following firm dollar as well as Asian equities amid stronger-than-expected US jobs data that increased hopes of another interest rate hike in the United States. Subdued demand of precious metals by jewellers, industries and retailers further weighed on market sentiment.

Next tranche of sovereign gold bonds opens: Here's all you need to know

The Sovereign Gold Bond Scheme 2017-18 - Series II issue has opened for subscription on Monday. The issue price for this tranche is fixed at Rs 2,780 per gram of gold. "The nominal value of the bond based on the simple average closing price (published by the India Bullion and Jewellers Association) for gold of 999 purity of the week preceding the subscription period, i.e. July 03-07, 2017 works out to Rs 2830 per gram.

This Giant Metals Exchange Is Taking on the Gold Elite

The world’s biggest industrial metals exchange is taking on the most powerful players in the gold market with the launch on Monday of its first futures contract for the commodity since the middle of the 1980s. The London Metal Exchange and its partners aim to grab a piece of the action in a city where almost half the world’s gold changes hands. At stake are rival visions of how best to run the market, pitching the LME, Goldman Sachs Group Inc. and Morgan Stanley on one side and the London Bullion Market Association representing some of the biggest trading firms on the other.

Gold prices edge down on steady dollar, firmer stocks

BENGALURU (Reuters) - Gold inched lower on Monday as the dollar steadied and as Asian equities firmed following stronger-than-expected U.S. jobs data late last week that reinforced expectations of another interest rate hike in the United States. "The dollar's strength was definitely a negative for gold, as was the fact that yields on both sides of the Atlantic remained elevated," said INTL FCStone analyst Edward Meir.

International gold rate drops but GST keeps it high here

KOLKATA: Partha Roy from Northern Avenue had planned to buy 70gm jewellery for his brother's wedding. On hearing that the international price of gold had dropped by Rs 1,200 per 10gm, he was elated as India imported 75% of its gold and so, he thought the rate would decrease here, too. In fact, hoping to save at least Rs 7,200, he even planned to buy a microwave oven with it.

Bitcoin the new gold? Yes, says one Wall Street strategist who sees a 21-fold surge

Bitcoin $55,000? Fundstrat’s Tom Lee, one of the biggest equity bears among the major Wall Street strategists, says it’s possible, but not necessarily for the reasons many bitcoin bulls have suggested. “One of the drivers is crypto-currencies are cannibalizing demand for gold GCQ7, -0.41% ” Lee wrote in a report. “Based on our model, we estimate that bitcoin’s value per unit could be $20,000 to $55,000 by 2022 — hence, investors need to identify strategies to leverage this potential rise in crypto-currencies.”

You can buy gold bonds in paper form

In the new tranche of sovereign gold bond (SGB) scheme opening on Monday, BSE will offer purchase of the bullion units in physical form in an attempt to promote sales. So far, investors were allowed to hold SGBs only in dematerialised (demat) or electronic mode.

Man drills into jewellery shop, makes away with gold and silver articles

A man who rented a room in a lodge located above a jewellery store in Cottonpet, made away with gold and silver articles after gaining entry into the store by drilling a hole from his room. The incident came to light on Sunday morning, when Himmat Prakash, the owner of Kanchan Jewellers located on Cottonpet Main Road, opened the store and found the place ransacked.

Silver Price Crashing. What's Next For Silver In 2017?

The silver price slightly crashed this week, as it lost 7.23 percent in just four trading days (COMEX trading was closed on Tuesday). We received many emails from concerned readers, and the common question was how deep the price of silver would still fall. The short answer: keep on reading InvestingHaven.com, as that is exactly what we do (we provide continuous coverage of markets and come out with forecasts once the chart signals it). The long answer … this article.

Why Gold Is Giving Way - Reduce Exposure For Now

Gold gave way this week, and for good reason. Solid economic data reflects well for the economy. A robust economy drives dollar strength and Fed monetary tightening, which also serves dollar strength. As the dollar gains and risky assets gain capital favor, gold and silver give way. The SPDR Gold Trust (NYSE: GLD) is a liquid proxy for gold. The security seeks to reflect the performance of the price of gold bullion, less the expenses of the Trust's operations. The GLD represents a cost effective and easy way to invest in gold, and also against or as a hedge to the U.S. dollar and risky assets.

Gold futures down at Rs. 27,711

NEW DELHI, JULY 10: Gold prices went down by 0.26 per cent to Rs. 27,711 per 10 grams at the futures trade today as participants lightened their bets tracking a weak movement overseas. At the Multi Commodity Exchange, gold for delivery in August was down Rs. 73 or 0.26 per cent at Rs. 27,711 per 10 grams in a business turnover of 40 lots. Similarly, the metal for delivery in far-month October was trading lower by Rs. 64 or 0.23 per cent at Rs. 27,888 per 10 grams in 18 lots. Analysts attributed the fall in prices to a weak trend overseas as a relatively solid US jobs data raised hopes for higher US interest rates this year, eroding demand for the precious metal as a safe haven investment.

IBJA’s Free Privileged Gold Membership

IBJA members can contact our Delhi regional office for any queries / suggestions regarding IBJA in the North region.
Address : B33, Ansal Chamber 2, Bhikaji Cama Place, RK Puram, New Delhi 110066.
Contact Person: Mr. K.P Singh on 9540230600.

IBJA members can contact our Gujarat regional office for any queries / suggestions regarding IBJA in the west region.
Address : Gems & Jewellery Trade Council of India "GJTCI" Gem Place, 3rd Floor, Deepkala House, C. G. Road, Ahemdabad - 380 009, Gujarat.
Contact Person : Mr. Shantibhai R. Patel  on 9327000093 / 079-26402573

India Bullion and Jewellers Association Ltd.
IBJA House, 2nd Agiary Lane, Zaveri Bazar, Mumbai - 400002.

Tel: +91-22 49098950 / 49098960
Fax:+91-22 23427459

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