12th July, 2017

Daily Market Rates

India A.M. (12-07-17)

999 Gold - Rs. 27,075/-
995 Gold - Rs. 27,925/-
916 Gold - Rs. 25,717/-
750 Gold - Rs. 21,056/-
583 Gold - Rs. 16,424/-
999 Silver - Rs. 37,040/-





India P.M. (11-07-17)

999 Gold - Rs. 27,910/-
995 Gold - Rs. 27,760/-
916 Gold - Rs. 25,566/-
750 Gold - Rs. 20,933/-
583 Gold - Rs. 16,327/-
999 Silver - Rs. 36,210/-

Wednesday, July 12

The UK is to publish its monthly employment report.
The Bank of Canada is to announce its benchmark interest rate and publish a rate statement which outlines economic conditions and the factors affecting the monetary policy decision. The bank will also hold a press conference.
Fed Chair Janet Yellen is to testify on the monetary policy report before the House Financial Services Committee, in Washington.

Daily Gold Market Report

Gold breaches the resistance – Analysis - 12-07-2017
Gold price confirmed breaching 1214.30 level after closing the dialy candlestick above it, which activates the bullish trend scenario on the intraday basis, targeting testing 1229.32 level initially, which represents 38.2% Fibonacci level that was broken previously to turn into key resistance now. Therefore, the bullish trend will be suggested in the upcoming sessions unless breaking 1208.92 level and holding below it, noting that stochastic and the EMA50 clearly negativity might make the rising mission harder, while breaching 1229.32 represents the key to extend Gold price gains to reach 1254.56 as a next main station. Expected trading range for today is between 1208.00 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

Should you invest in sovereign gold bonds’ second tranche?

The second tranche of Sovereign Gold Bonds (SGB) 2017-18, issued by the Reserve Bank of India (RBI) on behalf of Government of India, is currently open for subscription. The applications for the scheme will be accepted between 10 and 14 July 2017. The SGB scheme was introduced in 2015, as an alternative to investing in physical gold. Let’s understand why it is the best option.

Gold loses lustre post GST rollout

Govt promises to look into gold IGST grievance of banks

Gold, silver trade in green; traders await cues from Yellen testimony

NEW DELHI: Gold and silver were trading higher in early trade on Wednesday on account of weaker dollar and subdued buying in precious metals by jewellers, industries and retailers. Meanwhile, market participants are also awaiting testimony from US Fed Chairwoman Janet Yellen. MCX Gold was up 0.31 per cent at Rs 27,920 per 10 gram around 10.30 am (IST), while MCX Silver was up 0.75 per cent at Rs 37,045 per 1 kg at around the same time.

Gold rate today: Track Gold price in India and market outlook

Gold prices edged further away from a 4-month low on Wednesday, as investors awaited testimony from US Federal Reserve Chair Janet Yellen and central bank officials expressed caution about further interest rate hikes. READ MORE

Time to buy? Gold experts see a sweet spot for bullion as inflation returns

Gold prices might be are under pressure from the current "risk-on" environment for equities and rising interest rates, but several analysts expect the price to recover and say the precious metal can provide investors some real risk protection. Gold is currently trading around $1,210 per troy ounce. During Monday's session it fell to $1,204.45, the lowest level since March 15.

ACB seizes gold, silver from ADE’s bank lockers

Anti-Corruption Bureau (ACB) sleuths opened the bank lockers of Transco Assistant Divisional Engineer M. Nagaraju and his family members and detected nearly 1,052 gm of gold ornaments and 1,714 grams of silver articles in the lockers in Kurnool and Allagadda on Tuesday.

Gold ETFs see Rs 200 crore outflow in Q1; asset base slumps 22%

Gold exchange traded funds (ETFs) continued losing steam as an investment class with investors pulling out more than Rs 200 crore from the instrument in the first quarter of the current fiscal, preferring equities over them. The outflow meant assets under management (AUMs) of gold funds plunged by over 22 per cent during the quarter to Rs 5,174 crore, from Rs 6,645 crore in the year-ago period.

Gold recovered from Chennai Silks debris

About 40% of the ornaments and gold inside a safety locker under the debris of the fire-ravaged Chennai Silks building was retrieved by the management on Tuesday. A spokesperson of Chennai Silks told The Hindu that some of it had melted. A major portion is yet to be retrieved.On May 31, a major fire broke out in the seven-storeyed building, which housed Chennai Silks and Sri Kumaran Thangamaligai, on Usman Road. The next day, a major portion of the building collapsed and authorities decided to demolish the unauthorised building. On June 2, a private contractor began the demolition using a jaw-cutter and an earth mover. Even as the work was progressing, another portion collapsed and the lives of residents and shopkeepers was affected in the area.

Gold Imports In This Critical Nation Just Hit A Five-Year High

The gold price has been unremarkable of late. With prices languishing near the $1,200 level — marking a 3-month low for the yellow metal. But some positive news emerged this week for gold demand. With the world’s top consuming nation showing a big rebound in buying, which may be setting it up for one of the strongest years of demand in recent memory. That’s in India. Where stats showed that gold imports during the first half of 2017 set a torrid pace.

LME launches bid for slice of $5 trillion London gold market

LONDON: More than two tonnes of gold were traded through the London Metal Exchange's new LMEprecious spot contract on its first day as the exchange launched its bid to take a slice of the world's biggest over-the-counter (OTC) gold market. The LMEprecious suite of gold and silver contracts was developed with a group of backers including banks Goldman Sachs and Morgan Stanley, ..

Gold futures rise to Rs. 27,926 on positive global cues

NEW DELHI, JULY 12: Gold futures were trading up by 0.33 per cent at Rs. 27,926 per 10 grams as traders raised bets on positive cues from the global markets. At the Multi Commodity Exchange, gold for delivery in August rose Rs. 92 or 0.33 per cent to Rs. 27,926 per 10 grams in a business turnover of 342 lots. Similarly, the metal for delivery in October traded higher by Rs. 84 or 0.3 per cent at Rs. 28,100 per 10 grams in six lots. Analysts said raising of bets by speculators triggered by a firm trend overseas, as a drop in equities drove safe-haven demand, mainly led to the rise in gold futures here.

Silver imports. Government action.

Under an ordinance issued to-day [July 11] the Government of India are taking power to acquire all silver coin and bullion imported on private account other than current silver coin of the Government of India. The silver so acquired will be paid for in London at a rate 5 per cent, below the London quotation on the date of acquisition by the Government of India. The reason for adopting this particular basis of payment is that 95 per cent of the London price represents approximately the American price of silver plus the cost of freight and insurance from America to India and it is necessarily lower than the London quotation which includes an additional 5 per cent, on account of the greater cost and risk involved in shipping silver from America to London. The silver will of course remain private property and subject to any risks incidental to transit until it is made over to the Government.

Silver futures jump to Rs. 37,657 per kg

NEW DELHI, JULY 12: Taking positive cues from the global market, silver prices rose Rs. 255 to Rs. 37,657 per kg at the futures trade as traders created speculative positions. At the Multi Commodity Exchange, silver for December delivery was trading higher by Rs. 255 or 0.68 per cent at Rs. 37,657 per kg in a business turnover of 2 lots. Also, the white metal for delivery in September rose Rs. 228 or 0.62 per cent to Rs. 36,999 per kg in 304 lots. In the international market, silver gained 0.35 per cent to $15.89 an ounce in Singapore.

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.
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Tel: +91-22 49098950 / 49098960
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