11th July, 2017

Daily Market Rates

India A.M. (11-07-17)

999 Gold - Rs. 27,890/-
995 Gold - Rs. 27,740/-
916 Gold - Rs. 25,547/-
750 Gold - Rs. 20,918/-
583 Gold - Rs. 16,316/-
999 Silver - Rs. 36,240/-

 

 

 

 



India P.M. (10-07-17)

999 Gold - Rs. 27,845/-
995 Gold - Rs. 27,695/-
916 Gold - Rs. 25,506/-
750 Gold - Rs. 20,884/-
583 Gold - Rs. 16,289/-
999 Silver - Rs. 36,690/-

Tuesday, July 11

Australia is to release private sector data on business confidence.
Bank of England Deputy Governor Ben Broadbent is to speak at an event in Scotland.
Canada is to publish data on housing starts.
In the U.S., Fed Governor Lael Brainard is to speak at an event in New York.

Daily Gold Market Report

Gold faces key levels – Analysis - 11-07-2017
Gold price settles above the key support 1208.92 after attempting to break it yesterday, which represents 50% Fibonacci correction level for the entire rise measured from 1122.47 to 1295.37, but it faces solid horizontal resistance at 1214.30, noticing from the above chart that this level represents neckline of double top pattern that might push Gold price to suffer more losses on the short term and medm term basis, especialy that the EMA50 and stochastic are negative now. Now, we prefer staying aside in order to monitor the price behavior according to the key levels represented by 1208.92 support and 1214.30 resistance, waiting to breach one of them to detect the next destination clearly, noting that breaking this support will confirm the continuation of the negative effect of the above mentioned pattern followed by pushing the price towards 1188.52 followed by 1163.27 as next main stations, while breaching 1214.30 resistance will release the price from the current negative pressure and push trading to achieve gains that start at 1229.32 and extend to 1254.56 after breaching the previous level. Expected trading range for today is between 1190.00 support and 1235.00 resistance. Expected trend for today: Depends on the above mentioned levels

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Investing in gold bonds makes more sense in GST era

With the ninth tranche of sovereign gold bonds (SGBs) issued by the Reserve Bank of India (RBI) on Monday, investors would be wondering if investing in paper gold makes sense vis-à-vis physical gold after the implementation of the goods and services tax (GST) regime. The answer is, yes. From July 1, sales of physical gold entails a three per cent GST. Then, there are making charges for jewellery. If you buy a small-denomination coin, making charges range from 6-10 per cent; for bars, the charges are lower. Gold will also attract capital gains tax. Bonds ...

Sovereign Gold Bonds 2017-18 – Series II : Issue Opens Today

Closing bell: Sensex soars 355 pts, Nifty ends at record closing high; IT leads

Gold, silver trade in red; should you buy?

Gold and silver were trading in red in morning trade on Tuesday on account of subdued demand of precious metals from jewellers, industries and retailers. MCX Gold was down 0.36 per cent, or Rs 99, at Rs 27,695 per 10 gram around 11.10 am (IST), while MCX Silver was down 0.86 per cent, or Rs 313, at Rs 36,231 per 1 kg.

Gold falls slightly as dollar, equities gain ahead of Yellen testimony

Gold edged lower on Tuesday on a firmer dollar and equities as the market awaited cues on the path of interest rate hikes in the United States ahead of Federal Reserve Chair Janet Yellen's testimony on Wednesday. The market was looking ahead to Wednesday and Thursday as Yellen will deliver two days of testimony on the U.S. central bank's semi-annual report on monetary policy and the economy.

Gold Price Chart: Find all the latest gold rate chart and news

Gold edged lower early Tuesday on a firmer dollar after touching near four-month lows in the previous session as the market waits for cues from the central bank on the path of US interest rate hikes. READ MORE

Man lands from Dubai with 41-tola gold in rectum

In a first of its kind of crime reported at the Chandigarh international airport, a man hailing from Ulhasnagar in Maharashtra was caught on Monday smuggling 407 grams of 24-carat gold, concealed in his rectum. The accused, Deepak Kumar, had arrived here from Dubai in an Indigo flight in the morning. He was nabbed by the local office of director revenue intelligence (DRI) and the customs staff. The market value of the gold seized is Rs 11 lakh.

This chart shows that gold is now at a ‘treacherous’ level

Gold was trading at $1,207.60 on Monday. Three days earlier, gold fell as low as $1,206.60 per troy ounce, its lowest level since mid-March. The move followed an impressive nonfarm payrolls number that put the economy in brighter light, making safe-haven gold less attractive and perhaps making an additional Federal Reserve rate hike this year look more likely.

Gold prices to trade lower: Angel Commodities

On Monday, spot gold prices rose marginally by 0.09 percent to close at $1214 per ounce from their lowest since mid - March in choppy trade, after nearing technical support and as traders awaited signals from central banks on interest rate hikes. Markets were looking ahead to Wednesday and Thursday, when U.S. Federal Reserve Chair Janet Yellen will address Congress. U.S. 10 - year bond yields have risen sharply since late June, while gold is down nearly 7 percent from a high of $1,295.97 a month ago. Investors have sharply scaled back bets, reducing their net long positions in COMEX gold in the week to July 3 by more than half to the smallest bullish stance since January. On the MCX, gold prices rose marginally by 0.1 percent to close at Rs.27981 per 10 gms.

Weak global cues drag gold futures down to Rs. 27,860

NEW DELHI, JULY 11: Gold prices drifted lower by 0.43 per cent to Rs. 27,860 per 10 grams at the futures trade as participants indulged in trimming their bets, tracking a weak trend overseas. At the Multi Commodity Exchange, gold for delivery in far-month October was down Rs. 121 or 0.43 per cent at Rs. 27,860 per ten grams in a business turnover of 17 lots. Similarly, the metal for delivery in August contracts was trading lower by Rs. 111 or 0.4 per cent at Rs. 27,683 per ten grams in 595 lots.

Gold prices claw back from their lowest level in four months

Gold saw a modest bounce back on Monday, rising after a solid U.S. jobs report issued late last week contributed to a drop in prices to their lowest level in about four months. Gold for August delivery GCQ7, -0.27% tacked on $3.50, or 0.3%, to settle at $1,213.20 an ounce. The metal lost 1.1% on Friday to end the session at $1,209.70—the lowest finish since March 15, according to FactSet data. The closely watched nonfarm-payrolls report showed 222,000 jobs were added to the U.S. economy in June, easily beating expectations.

New LME gold contract sees lacklustre launch

An attempt by the London Metal Exchange and a group of banks including Goldman Sachs to grab a chunk of London’s $5tn-a-year gold market through a new futures contract got off to a lacklustre start on Monday. A total of $56m worth of the yellow metal changed hands on the launch day, compared with $24bn in the most active Comex gold futures contract in the US, as the LME has yet to attract the big bullion banks JPMorgan and HSBC.

Gold plunges to Rs. 28,780; silver slumps below Rs. 37,000-mark

NEW DELHI, JULY 10: Gold fell for the second day today, plunging another Rs. 120 to Rs. 28,780 per 10 grams at the bullion market, in line with a weak trend overseas and easing demand from local jewellers. Silver followed suit and slumped below the Rs. 37,000-mark by tumbling Rs. 900 to Rs. 36,500 per kg due to poor offtake by industrial units and coin makers. Traders said that a relatively solid US jobs data indicates a higher US interest rate this year, that could affect the demand for the precious metal as a safe haven investment.

Gold loses sheen, silver plunges below Rs 36,000

Falling for the tenth straight day, gold prices cracked below the Rs 28,000-mark by losing another Rs 390 per 10 grams at the bullion market on the back of weak overseas cues amid muted demand from local jewellers. Silver also dropped below the crucial Rs 36,000-mark by tumbling Rs 1,220 per kg on reduced offtake by industrial units. Standard gold (99.5 purity) dropped by Rs 390 to conclude at Rs 27,695 per 10 grams from last Friday's closing level of Rs 28,085.


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