21st April, 2017

Daily Market Rates

India A.M. (21-04-17)

999 Gold - Rs. 29,460/-
995 Gold - Rs. 29,310/-
916 Gold - Rs. 26,985/-
750 Gold - Rs. 22,095/-
583 Gold - Rs. 17,234/-
999 Silver - Rs. 42,020/-





India P.M. (20-04-17)

999 Gold - Rs. 29,425/-
995 Gold - Rs. 29,275/-
916 Gold - Rs. 26,953/-
750 Gold - Rs. 22,069/-
583 Gold - Rs. 17,214/-
999 Silver - Rs. 42,445/-

Daily Gold Market Report

Gold needs positive motive – Analysis - 21-04-2017
Gold price keeps its stability above the EMA50 that forms good support base for the intraday trading, to protect the continuation of trading inside the bullish channel that appears on chart, waiting to resume the bullish bias that its first target located at 1300.00. Therefore, we will keep our positive overview unless breaking 1263.17 level and holding below it, as breaking this level will push the price to visit the main bullish channel's support around 1230.00 before any new attempt to rise, noting that breaching 1300.00 will extend the bullish wave to reach 1340.00. Expected trading range for today is between 1270.00 support and 1300.00 resistance. Expected trend for today: Bullish


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

Sovereign gold bonds subscription to open on Monday

New Delhi, Apr 20 (PTI) The government today said the first tranche of the sovereign gold bonds (SGB) will open for public subscription on April 24. The issue price of the bonds has been fixed at Rs 50 per gram, less than the nominal value of gold and the bonds would earn an interest of 2.75 per cent per annum, payable every six months on initial investment, finance ministry said in a statement. "Applications for the bond will be accepted from April 24-April 28, 2017. The Bonds will be issued on May 12, 2017," the statement added.

Gold, silver slip in early trade; should you buy?

NEW DELHI: Gold and silver futures on the Multi Commodity Exchange (MCX) were trading lower in early trade on Friday on account of subdued demand of precious metals from jewellers, retailers and industries. The yellow metal was trading 0.13 per cent, or Rs 37, down at 29258 per 10 gram around 10.30 am (IST), while the white metal was down 0.16 per cent, or Rs 65, at Rs 41,440 per 1 kg around the same time.

Gold firm on tensions ahead of French election

Gold held steady on Friday, after rising 0.2 per cent in the prior session, with tensions surrounding upcoming French elections on Sunday underpinning the safe-haven demand. Spot gold was unchanged at $1,281.21 per ounce as of 0059 GMT. US gold futures were also flat at $1,282.80.

Sovereign gold bonds subscription to open next week; 10 things you must know

NEW DELHI: The first tranche of sovereign gold bonds for the financial year 2017-18 will open for public subscription from April 24 to April 28. The issue price of the gold bonds will be Rs 50 per gram less than the nominal value of gold and the bonds will be issued on May 12, 2017.

913 gold coins found in a piano in UK, declared a treasure

LONDON: A total of 913 gold coins dating back to the 18th century, the largest hoard of gold sovereigns in Britain, found hidden in an old piano, has been declared treasure by a court. The discovery was made in Shropshire in December last year when the piano's new owners had it re-tuned and repaired.

Gold ends with small gain

Gold notched a slight gain on Thursday, finding a modicum of support amid geopolticla worries a day after prices dropped to their lowest level in a week. June gold GCM7, -0.10% tacked on 40 cents to settle at $1,283.80 an ounce. That was the sixth gain for gold prices in seven sessions.

Rs 18 cr cash, 2 kg gold found in IT raid on sales tax officer’s house

The income tax department conducted a raid at the residence of additional commissioner sales tax Keshav Lal on late Wednesday night and seized unaccounted cash (over Rs 18 crore) in new currency notes and two kilogrammes of gold. The IT officers also recovered documents pertaining to immovable properties in big cities, including NOIDA.

PRECIOUS-Gold steady as softer dollar supports ahead of French vote

By Marcy Nicholson and Jan Harvey NEW YORK/LONDON, April 20 Gold steadied on Thursday after its biggest one-day drop in more than six weeks, with a retreat in the dollar arresting the slide, though moves were muted as markets await the outcome of the looming French presidential election. Polls ahead of the French vote, which begins this weekend, give both far-right and far-left candidates a chance of making it into next month's run-off, though centrist candidate Emmanuel Macron is shown in the lead. The euro rose to a three-week high against the U.S. dollar.

Investors Propel Purchases of Gold ETF on Geopolitics `Trigger'

Investors stepped up buying of the world’s largest gold-backed exchanged traded fund by the most in seven months amid concern about the outcome of European elections and a more aggressive U.S. stance on North Korea, Syria and Iran. Holdings in SPDR Gold Shares climbed 1.4 percent Wednesday to 860.76 metric tons, the biggest one-day increase since September and the highest since Dec. 7. With gold futures up 11 percent this year, buyers are pouring funds into the non-interest bearing metal as the dollar fluctuates and Treasury yields hover close to the lowest levels this year.

Rs 10 crore, 10kg gold found at Noida official’s residence

NEW DELHI: In another round of countrywide crackdown on corrupt bureaucrats which began on Monday, income tax officials searched residence of an additional sales tax commissioner of UP, Keshav Lal, at his Sector 34 residence in Noida and recovered more than Rs 10 crore in cash and 10 kg gold. More is expected as officials are yet to open his bank lockers.

350 g smuggled gold seized

Sleuths of Directorate of Revenue Intelligence, Mangaluru, on Wednesday seized 349.8 g of gold allegedly being smuggled into India by a passenger who had concealed the yellow metal in his rectum. In a release here, DRI Deputy Director Vinayak Bhat said that Revenue Intelligence personnel intercepted Chattanchal Abdul Razak (49), resident of Kasaragod, Kerala, on his arrival at the international airport here from Dubai by a SpiceJet flight [SG 60] at 4.30 p.m.

Silver prices poised for bullish run — experts

Speculators and traders continued to boost their bullish net positions in the silver futures markets last week for a third consecutive week, which has many predicting the precious metal is as close as it can be to a major breakout point. Daniela Corsini, analyst at Intesa Sanpaolo bank, is just one of them. She told Bloomberg yesterday that silver prices were likely to climb to $19 an ounce by year-end, compared with Wednesday morning’s price of $18.175 an ounce.

Gold loses shine on weak demand; silver rebounds

NEW DELHI, APRIL 20: Gold lost some of its shine as the prices eased by Rs. 90 to Rs. 29,810 per 10 grams today, aligning with a sluggish trend overseas amid fall in local demand. Silver, however, made a smart comeback by recovering Rs. 210 to Rs. 42,460 per kg, supported by increased offtake by industrial units. According to traders, drop in demand from local jewellers at the domestic spot market, apart from a weak trend overseas, dampened the domestic sentiment. Globally, gold softened 0.12 per cent to $1,278.70 an ounce in Singapore.

One Way Investors Are Betting on Silver

Silver is one of this year's best-performing commodities, but that is not motivating investors to nibble at silver exchange-traded funds (ETFs). Even as the iShares Silver Trust (SLV Read more: One Way Investors Are Betting on Silver (SILJ, SLV) ), the largest silver-backed ETF trading in the U.S., soars, it is actually bleeding assets. Year to date, SLV is up 13.7 percent, or nearly 270 basis points ahead of the largest gold-backed ETF. However, investors have yanked $222 million from SLV while pouring more than $1.1 billion into the SPDR Gold Shares (GLD Read more: One Way Investors Are Betting on Silver (SILJ, SLV)

Silver to trade in 40785-42335: Achiievers Equities

Silver trading range for the day is 40785-42335. Silver prices edged lower amid fading demand despite jitters ahead of the French presidential election and ongoing geopolitical tensions over North Korea. Polls ahead of the French vote, which begins this weekend, give both far-right and far-left candidates a chance of making it into next month's run-off. The Labor Department said initial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 244,000 for the week ended April 15.

Expect Silver prices to trade sideways: Sushil Finance

Silver was down 0.4 percent at $18.01. Outlook We expect silver prices to trade sideways on the back of profit booking after up-move.

Here’s Why Weak Copper Prices Could Be Bullish For Silver

From Sean Brodrick: Have you seen the price of copper lately? It surged mightily in 2016 … but stalled out this year. Now, it seems to be slip-sliding lower. And it just hit a three-month low on Tuesday. This goes against conventional wisdom. And it is bearish for silver supply … which means bullish for silver prices. Whew! That’s a lot to digest. So let me clear things up. I’ll start with a chart of copper’s recent price action.

Silver Prices Slide Lower- Support Targets View

Technical Outlook:Silver prices have continued to trade within the confines of an impressive, well-defined ascending pitchfork formation extending off the November / December lows. The precious metal failed to hold above key resistance this week on building bearish divergence at 18.33/37 – a region defined by the 50% retracement of the July decline & the 100% extension of the ascent off the December lows. The pullback is now testing a key near-term support just below the 18-handle where the 200-day moving average converges on the 50-line of the ascending slope formation.

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