14th July, 2017

Daily Market Rates

India A.M. (14-07-17)

999 Gold - Rs. 27,965/-
995 Gold - Rs. 27,815/-
916 Gold - Rs. 25,616/-
750 Gold - Rs. 20,974/-
583 Gold - Rs. 16,360/-
999 Silver - Rs. 36,345/-





India P.M. (13-07-17)

999 Gold - Rs. 28,040/-
995 Gold - Rs. 27,890/-
916 Gold - Rs. 25,685/-
750 Gold - Rs. 21,030/-
583 Gold - Rs. 16,403/-
999 Silver - Rs. 36,915/-

Friday, July 14

The U.S. is to round up the week with a raft of economic reports including figures on inflation, retail sales, industrial production and consumer sentiment.
Dallas Fed President Robert Kaplan is to speak at an event in Mexico City.

Daily Gold Market Report

Gold gets positive motive – Analysis - 14-07-2017
Gold price settles around 1214.30 level, and stochastic managed to reach the oversold areas, to form positive factor that we expect to assist to push the price to rebound bullishly and resume the bullish bias again, waiting to visit 1229.32 level initially. Therefore, we will continue to suggest the bullish trend in the upcoming sessions unless breaking 1208.92 level and holding below it, as breaking this level will push the price to visit 61.8% Fibonacci correction level at 1188.52 before any new attempt to rise. Expected trading range for today is between 1205.00 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

Scrap jewellery sales won't be affected by 3% GST levy

Sales of old gold jewellery are unlikely to be affected by the three per cent Goods and Services Tax (GST) levied on re-materialisation of used articles made of the precious metal. Financial Services Secretary Hasmukh Adhia clarified on Wednesday that old gold jewellery would attract three per cent GST. However, jewellers say consumers needn't worry as they would get input credit in the invoice made for purchase of new jewellery against the old one. This means, three per cent of GST levied on the sale of old jewellery would be set off in the bill for new ornaments.

Gold, silver in red in morning deals; should you buy?

Gold holds steady, on track for first weekly gain in three weeks

Today Gold Price: Track today gold rate latest trends and news

Gold was little changed early on Friday after snapping three days of gains in the previous session, and was set for its first weekly rise in three weeks as the dollar and equities steadied. WHAT'S HAPPENING IN INDIA TODAY Gold and silver were trading in red in morning trade on Friday on account of tepid demand of precious metals by jewellers, industries and retailers. READ MORE WHAT HAPPENED ON THURSDAY Gold prices held steady on Thursday after US Federal Reserve Chair said the central bank would only gradually tighten monetary policy, curbing speculation that interest rates would rise more than once this year

Sale of old gold jewellery will not attract GST on exchange

NEW DELHI: The sale of old gold by individuals for a consideration won’t attract the goods and services tax, the finance ministry clarified, providing respite to people who exchange jewellery. “Even though the sale of old gold by an individual is for a consideration, it cannot be said to be in the course of furtherance of his business (as selling old gold jewellery is not the business of the said individual), and hence does not qualify to be a supply per se,” the ministry said in a statement on Thursday.

Gold snaps 3-session win streak

Gold prices fell on Thursday, pulling back after a three-session climb, with the dollar gaining ground against most currency rivals and U.S. equities trading mostly higher after Federal Reserve Chairwoman Janet Yellen offered a second day of congressional testimony on monetary policy. On Thursday, the Dow was on track to take out a fresh record as Yellen’s comments have been upbeat enough to keep the upward momentum in stocks going,

Now, Batala man held at Chandigarh airport for smuggling 54-tola gold from Dubai

Three days after a man from Maharashtra was caught smuggling 407 grams of gold concealed in his rectum, the customs officials on Thursday recovered 540 grams of the precious metal from a passenger’s suitcase at the Chandigarh International Airport. The gold was concealed in the beading of the suitcase of 50-year-old Baljit Kumar, who arrived here from Dubai. The beading, a sort of wire that holds together the suitcase’s internal structure, was made of gold. The gold was traced when the suitcase went through the X-ray scanner. The seized 24-carat gold is valued at Rs 15 Lakh.

Gold regains 29,000-mark as Yellen signals gradual approach to rate hikes

NEW DELHI, JULY 13: Gold regained the Rs. 29,000-mark by rising Rs. 160 to Rs. 29,050 per 10 grams at the bullion market largely in tandem with a firm global trend and persistent buying by local jewellers. Silver followed suit and recaptured the Rs. 38,000-level on the back of increased offtake by industrial units and coin makers. In a testimony to the Congress yesterday, Federal Reserve Chairman Janet Yellen had signalled a gradual approach to future rate hikes, which pushed down the dollar and boosted the appeal of the precious metal.

1 kg of gold seized from air passenger

Air Customs officers seized 1 kg of gold valued at ₹28 lakh from a passenger who arrived at the Thiruvananthapuram international airport from Dubai on Thursday. The passenger was identified as Akhiljith, hailing from Kochi. He arrived here on a Fly Dubai flight, said Customs officials. The gold was concealed in the metal frame of the trolley bag carried by Akhiljith.

Gold, silver in red in morning deals; should you buy?

Gold and silver were trading in red in morning trade on Friday on account of tepid demand of precious metals by jewellers, industries and retailers. MCX Gold was down 0.22 per cent, or Rs 61, at Rs 27,776 per 10 gram around 10.50 am (IST), while MCX Silver was down 0.60 per cent, or Rs 220, at Rs 36,370 per 1 kg.

Silver futures drop to Rs. 37,021 per kg

NEW DELHI, JULY 14: Silver prices dropped by Rs. 214 per kg to Rs. 37,021 per kg at the futures trade as speculators trimmed their holdings amid a weak trend in global market. At the Multi Commodity Exchange, silver for delivery in far-month December was trading lower by Rs. 214 or 0.57 per cent at Rs. 37,021 per kg in a business turnover of 13 lots. Similarly, the metal for delivery in September declined by Rs. 200 or 0.55 per cent to Rs. 36,390 per kg in a business of 605 lots.

Burglars steal cash, gold and silver in daylight strike

Ludhiana: Burglars struck at a doctor's house in Shastri Nagar on Thursday afternoon and decamped with gold and silver jewelry and cash. The miscreants broke into the house through the window near the main gate when the family had gone out for lunch. In his police complaint, Dr Ravi Nanda said he runs a clinic in his house. On Thursday, the family had gone out for lunch to celebrate his son Mohit's marriage anniversary.

Gold on track for first weekly gain in three

July 14, 2017: Gold prices were largely unchanged on Friday as the dollar steadied ahead of key US economic data, but the metal remained on course for its first weekly gain in three. “Most of the downside in gold this morning was largely due to profit-taking, but more importantly, market sentiment is still on the rosy side and in a more positive environment,” said OCBC analyst Barnabas Gan. Spot gold was nearly flat at $1,216.58 per ounce at 0403 GMT, but is up 0.3 per cent for the week so far. US gold futures for August delivery fell 0.14 per cent to $1,215.60 per ounce.

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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.

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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

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