17th July, 2017

Daily Market Rates

India A.M. (17-07-17)

999 Gold - Rs. 28,205/-
995 Gold - Rs. 28,055/-
916 Gold - Rs. 25,836/-
750 Gold - Rs. 21,154/-
583 Gold - Rs. 16,500/-
999 Silver - Rs. 37,090/-





India P.M. (14-07-17)

999 Gold - Rs. 28,010/-
995 Gold - Rs. 27,860/-
916 Gold - Rs. 25,657/-
750 Gold - Rs. 21,008/-
583 Gold - Rs. 16,386/-
999 Silver - Rs. 36,490/-

Monday, July 17

Financial markets in Japan will be closed for a holiday.
China is to release data on gross domestic product, industrial production and business investment.
The euro zone is to release revised data on consumer inflation.
Canada is to report on foreign securities purchases.
The U.S. is to release data on manufacturing activity in the New York region.

Daily Gold Market Report

Gold surpasses the first target – Analysis - 17-07-2017
Gold price begins this week positively to manage to breach 1229.32 level and hold above it, which supports the expectations of extending the bullish wave on the short term basis, opening the way to head towards 1254.56 that represents our next main target, as the price gets positive motive through the inverted head and shoulders' pattern that was completed previously and appears on chart. Therefore, we will continue to suggest the bullish trend in the upcoming sessions supported by the EMA50, noting that stochastic current negativity might push the price to retest the breached neckline that turns into support now at 1223.50 before any new attempt to rise. Expected trading range for today is between 1223.50 support and 1250.00 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 / Copper futures - weekly outlook: July 17 - 21

Investing.com - Gold prices rose to two-week highs on Friday as weak U.S. inflation data added to doubts over whether the Federal Reserve would raise interest rates for a third time this year. Gold futures for August delivery ended up 0.95% at $1,228.88 on the Comex division of the New York Mercantile Exchange after rising as high as $1,232.7 earlier, the most since July 3. The precious metal ended the week with gains of 1.32%. U.S. consumer price inflation slowed to 1.6% in June from 1.9% in May, the Labor Department said on Friday.

Mixed response from jewellers to GST exemption on old jewellery purchase

MUMBAI, JULY 16: Allowing jewellers to buy old jewellery from customers for recycling without incurring GST of 3 per cent is seen to encourage smuggling and create a divide between large and small organised jewellers. Surendra Mehta, Secretary, Indian Bullion and Jewellers Association, said jewellers can buy old jewellery from customers without paying GST but smaller jewellers with a turnover of less than ₹75 lakh per annum would incur GST of just 1 per cent when they sell new jewellery by recycling it.

Gold, silver inch higher in morning trade

Gold rises as dollar drops on weak US data

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

Gold prices rose on Monday as the dollar fell to multi-month lows following weak economic data from the United States that has diminished the outlook for aggressive rate hikes from the US Federal Reserve. WHAT'S HAPPENING IN INDIA TODAY Gold and silver were trading in the green in early trade on Monday on account of buying in precious metals by jewellers, industries and retailers. READ MORE WHAT HAPPENED ON FRIDAY Gold prices held steady on Friday amid a little change in the dollar ahead of key US economic data, but the metal remained on course for its first weekly gain in three.

Gold shops: coming to a high street near you?

t Baird & Co’s gold refinery, boss Nick Hammond is sorting through a tray of scrap jewellery. Bracelets, necklaces, a horse pendant (called a “banger” because it is hollow, and could explode under high heat) and a military medallion dated 1895 are all destined for the furnace. “It’s sad, but we can’t hold them back - they all go in the pot,” Hammond says, pointing out that Baird would have paid around £30,000 to pawn brokers and other dealers for the contents of the tray.

Geologists strike seabed gold in peninsular India

Kolkata: Scientists from the Geological Survey of India (GSI) have discovered the presence of millions of tonnes of precious metals and minerals deep under the waters that surround peninsular India. The vast repository and the prospect of finding huge am-ounts of previously untapped resources in barely-exploited territory hold tremendous potential, say geologists.

Expect Gold to trade sideways: Sushil Finance

Gold prices jumped 1.4 percent to the highest level in nearly two weeks on Friday after data pointed to weak U.S. inflation, reaffirming doubts that the U.S. central bank would again hike interest rates this year. U.S. consumer prices were unchanged in June and retail sales fell for a second straight month. Bond yields dipped and the dollar index .DXY slid to their lowest level since September 2016 after the weaker - than - expected figures.

Silver to trade in 35927-37765: Achiievers Equities

Silver trading range for the day is 35927-37765. Silver gains benefiting from a slump in the dollar to a ten-month low following a pair of disappointing economic reports. The U.S. data bolstered expectations that the U.S. Federal Reserve would likely to move slowly to continue raising interest rates.

Gold, Silver COT Signaling Precious Metals May Have Hit Bottom

We’ve had to wait 18 months for an opportunity as big as the one we saw late in 2015 to appear again in the Precious Metals sector. “Wait a minute”, I hear you say, “prices were generally lower back then at that low than they are now, so how can it be as big an opportunity, as leverage is reduced?”.

Silver Speculators Go Negative On Silver

The latest Commitment of Traders (COT) report showed a fifth straight week of speculative long selling in gold as gold dropped on the COT week – though obviously it turned it around after the COT week ended (Tuesday). Based on when this report closed, the net speculative gold long position fell to the lowest level since January 2016.

Gold, Silver Poised for Modest Weekly Gains amid Weaker US Dollar

Precious metals posted small weekly gains as the US dollar tumbled on the final trading session of the week. It has been a rough start to July for gold and silver, but the metals are looking to rebound, even as the US central bank prepares for another rate hike. August gold futures surged $10.70, to $1,228.00 on the closing day on Friday. The yellow metal is poised to record a weekly gain of about 1% — gold prices have declined for the last five trading weeks.

PRECIOUS-Gold inches up as prospects for slower U.S. rate hikes weigh on dollar

BENGALURU, July 17 (Reuters) - Gold prices edged up on Monday as the U.S. dollar fell to multi-month lows after the prospect for further interest rate hikes in the United States this year dimmed following softer U.S. economic data last week. The U.S. government reported on Friday that consumer prices were unchanged in June and retail sales declined for a second straight month. The soft inflation and domestic demand figures undermined arguments for the U.S. Federal Reserve to raise interest rates, with traders cutting back their bets on the likelihood of an increase in December.

Gold prices to trade lower: Angel Commodities

Last week, spot gold prices rose by 1.3 percent to close at $1228.6 per ounce while on the MCX gold prices rose by 0.9 percent to close at Rs.28193 per 10 gms. The MSCI world index hit a record high for the fourth time in less than a month as investors took Yellen's remarks as a green light for risk - taking. The U.S. economy is healthy enough for the Fed to raise interest rates, though low inflation and a low neutral rate could leave the central bank with diminished leeway. In congressional testimony, Yellen said that given current estimates the Fed would not need to lift rates all that much further to reach a neutral level that neither encourages nor discourages economic activity. Immediately after her statement, federal funds futures implied traders saw a 53 percent chance the Fed would raise key overnight borrowing costs at its December meeting, down from 60 percent beforehand, according to CME Group's Fed Watch program.

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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