20th April, 2017

Daily Market Rates

India A.M. (20-04-17)

999 Gold - Rs. 29,445/-
995 Gold - Rs. 29,225/-
916 Gold - Rs. 26,972/-
750 Gold - Rs. 22,084/-
583 Gold - Rs. 17,225/-
999 Silver - Rs. 42,430/-





India P.M. (19-04-17)

999 Gold - Rs. 29,500/-
995 Gold - Rs. 29,350/-
916 Gold - Rs. 27,022/-
750 Gold - Rs. 22,125/-
583 Gold - Rs. 17,258/-
999 Silver - Rs. 42,555/-

Daily Gold Market Report

Gold is forced for some decline – Analysis - 20-04-2017
Gold price trading settles above 1279.00 level after the negative pressure that appeared yesterday, which keeps the chances available for resuming the bullish trend, especially that the EMA50 continues to provide positive support for the price from below, to protect the continuation of the trading within the bullish channel that appears in the above chart. Therefore, the bullish trend will remain preferred in the upcoming sessions, and the targets begin at 1300.00 and extend to 1340.00, reminding you that breaking 1263.17 level will push the price to achieve more of the downside moves that targets 1250.00 levels and extend to 1228.50 before any new attempt to rise. Expected trading range for today is between 1270.00 support and 1300.00 resistance. Expected trend for today: Bullish

Jewel Trendz Gems & Jewellery Show Ahmedabad


Dear Jewellers,

IBJA supports the upcoming "KJ National Gems & Jewellery Exhibition" in Lucknow from 28th to 30th May 2017 at Golden Blossom (Imperials resorts) NH-28.

All jewellers are hereby requested to participate and visit the show.

For further details contact Mr Ashok Verma: 0938692125, 07033586581

Mukesh Mehta
President - IBJA

Gold jewellers in a fix as confusion over GST levy continues

As the rollout deadline nears for a national goods and services tax (GST), there is ambiguity on its applicability to gold jewellery. A section of jewellers considers making charges as a service charge and shows this separately while billing. If a service, the applicable rate would be 18 per cent, by the draft GST guidelines. Another section of jewellers, however, adds making charges in value of the jewellery; they do not show it separately but add it to the price of gold.

Gold, silver edges lower in early trade

NEW DELHI: Gold and silver prices on the Multi Commodity Exchange (MCX) were trading lower in early trade on Thursday on account of weak demand of precious metals from jewellers, retailers and industries. The yellow metal was trading 0.17 per cent, or Rs 50, down at Rs 29255 per 10 kg around 10.25 am (IST), while the white metal was down 0.17 per cent, or Rs 73, at 41825 per 1 kg.

Gold, silver futures drop on weak global cues

NEW DELHI: Gold prices fell by Rs 64 to Rs 29,363 per 10 grams in futures trading today as participants trimmed their exposure on weak global cues. Gold for delivery in far-month August was trading lower by Rs 64, or 0.22 per cent, to Rs 29,363 per 10 grams, in a business turnover of six lots at the Multi Commodity Exchange.

Gold steady on geopolitical worries amid firmer dollar

Gold prices held firm on Thursday after falling as much as 1 per cent the previous day, with tensions surrounding North Korea and the upcoming French presidential election driving safe-haven demand amid a firmer dollar. Spot gold was mostly unchanged at $1,278.64 per ounce at 0346 GMT. The metal fell 0.8 per cent on Wednesday in its worst one-day drop in over a month.

Rising rupee an opportunity for gold buyers: WGC

The appreciating rupee has opened up an opportunity for gold buyers in the country, as the increase in global prices of the metal is cushioned by almost six percentage points, said Somasundaram P R, managing director of World Gold Council’s (WGC) Indian operations. The global gold prices have increased around 12 per cent in dollar terms since the January but rupee has appreciated almost 6 per cent during the period. Therefore, gold price in the Indian market has not risen sharply or the rise has been capped because cheaper rupee has made import cheaper.

Gold futures down at Rs. 29,363 per 10 gm

NEW DELHI, APRIL 20: Gold prices fell Rs. 64 to Rs. 29,363 per 10 grams at the futures trade today as participants trimmed their exposure due to weak global cues. Gold for delivery in far-month August was trading lower by Rs. 64 or 0.22 per cent at Rs. 29,363 per 10 grams in a business turnover of six lots at the Multi Commodity Exchange. On similar lines, the metal for delivery in June eased Rs. 60 or 0.20 per cent to Rs. 29,245 per 10 grams in 478 lots. Analysts said the fall in gold futures was mostly in tandem with a weak trend overseas and profit-booking by speculators.

Silver plunges to Rs. 42,250 per kg; gold remains steady

NEW DELHI, APRIL 19: Silver saw losses for the third straight day, with the prices falling by a sharp Rs. 550 to Rs. 42,250 per kg today, much in line with a weak trend overseas. Gold remained flat at Rs. 29,900 per 10 grams in scattered deals even as it softened globally. Traders attributed the weakness to lower demand from industrial units and coin makers at the domestic spot market, along with the global downtrend. Overseas, silver fell 0.47 per cent to $18.16 an ounce and gold by 0.41 per cent to $1,283.90 an ounce in Singapore.

Is the Gold Rally Over?

The rush to the safe haven asset class amid rising geopolitical tensions pushed gold spot prices sky high as of late. As of Wednesday morning, however, gold spot futures have slipped. Is the rally really over? The SPDR Gold Shares ETF (GLD) has fallen 1% so far on Wednesday. Meanwhile the VanEck Vectors Gold Miners ETF (GDX) has fallen 2.2%.

Digging Miles Underground for Mere Specks of Gold

Gold mining at South Deep, the world's second-biggest deposit, would never be easy. Located an hour's drive west of Johannesburg, the resource holds 63 million ounces that formed in an ancient lake, now crystallized in rock, three kilometers (1.9 miles) underground. Gold Fields Ltd. has spent 29 billion rand ($2.5 billion) on the mine and has repeatedly missed ramp-up targets due to fatal accidents, mistakes and changing mining methods..

Upcoming French Elections Could Impact Gold

Since the French elections are right around the corner, investors might start parking their money in safe-haven assets like gold. The first round of France’s presidential election will be on April 23. An unpredictable outcome, just like President Trump’s victory, could push precious metals. Investors have their eyes glued on the elections.

Gold Trading Systems Experience Growing Pains

On the afternoon of April 11, London’s daily gold price benchmark fix took a peculiar turn: It was about $12 under the spot price. The auction appeared to be stuck on a descending escalator from an initial $1,265.75, before fixing at $1,252.90.

Silver futures drop to Rs. 42,331 per kg

NEW DELHI, APRIL 20: Silver prices dropped by Rs. 113 to Rs. 42,331 per kg at the futures trade today as participants cut down their bets amid a weak trend overseas. At the Multi Commodity Exchange, silver for delivery in far-month July was trading lower by Rs. 113 or 0.27 per cent at Rs. 42,331 per kg in a business turnover of 115 lots. Similarly, the white metal for delivery in May declined by Rs. 89 or 0.31 per cent to Rs. 41,809 per kg in a business volume of 557 lots. Globally, silver fell 0.68 per cent to $18.13 an ounce in New York yesterday.

Gold prices stay steady, silver prices fall Rs550 on global cues

New Delhi: Silver saw losses for the third straight day, with prices falling by a sharp Rs 550 to Rs 42,250 per kg today, much in line with a weak trend overseas. Gold remained flat at Rs 29,900 per 10 grams in scattered deals even as it softened globally.

Expect Silver prices to trade sideways: Sushil Finance

ilver dropped 0.6 percent to $18.14 per ounce. Outlook We expect silver prices to trade sideways on the back of profit booking after up-move.

Gold/Silver Index rally fizzles

** Philadelphia SE Gold/Silver Index unable to sustain bounce off early Mar low with focus turning toward lower bounds of a contracting range. Chart: http://reut.rs/2pCtSrd ** This as spot gold slumps and U.S. Dollar Index gains momentum ** Indeed, despite tensions over North Korea, the upcoming French election, and U.S. Govt shutdown talk that helped propel gold to its highest levels since early Nov, XAU index has been lagging

Silver Production Has “Huge Decline” In 2nd Largest Producer Peru

Investors and silver stackers should position themselves for falling silver production around the globe. Peru has just posed another 12% fall in silver production – Peak Silver is here. SRSrocco Report has drawn attention to falling silver production in Peru and how this is likely to be echoed across the globe in the wake of the looming debt crisis in an article published yesterday. The world’s second largest silver producer, Peru, has reported a 12% fall in February’s silver production to 323.1 metric tons, from the same period last year.

Silver Likely To Rise In A Concentrated Manner

Furthermore, it appears to be the first time that these ideal economic conditions, for a rise in silver, align in such a timely manner; in particular, the bottom in interest rates, the peak in stock markets, as well as the coming collapse of the monetary system. Potentially all of these events can happen within a two to three-year period. Previously, these significant points, like a stock market peak, a bottom in interest rate and monetary collapse occurred in a much more scattered manner. For example, the big stock market crash of the Great Depression occurred in 1929, monetary system collapse or change occurred in 1933/1934 (dollar/gold revaluation), while the interest rates bottomed around 1941.

Silver Prices Outlook: A lot Hinges on Gold Long-term Trend-line

When we last discussed silver prices, we were keeping an eye on gold as it neared the 2011 trend-line. It’s a big line of resistance for the yellow metal, and one traders should keep focused on in determining how things might play out with regard to silver. So far, gold is struggling to overcome the long-term line of resistance as one would expect given it hasn’t been since November when it was last visited.

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

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Tel: +91-22 49098950 / 49098960
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