8th March, 2017

Daily Market Rates

India A.M. (08-03-17)

999 Gold - Rs. 29,050/-
995 Gold - Rs. 28,900/-
916 Gold - Rs. 26,610/-
999 Silver - Rs. 42,480/-





India P.M. (07-03-17)

999 Gold - Rs. 29,185/-
995 Gold - Rs. 29,035/-
916 Gold - Rs. 26,733/-
999 Silver - Rs. 42,840/-

Wednesday, March 8

Japan is to publish revised data on fourth quarter economic growth.
China is to release data on the trade balance.
In the U.K., Chancellor Philip Hammond is to outline the government’s budget for the year.
The U.S. is to release the ADP nonfarm payroll report.
Canada is to publish data on building permits.

Daily Gold Market Report

Gold shows bullish rebound signals – Analysis - 08-03-2017
Gold price begins today’s trading with calm bullish bias after approaching from our main waited target at 1211.30, which provides signals for the price heading to regain the main bullish trend after the bearish correction that begun from the recorded top level at 1263.17, supported by stochastic positivity. Therefore, the bullish bias will be preferred in the upcoming sessions, and breaching 1223.80 level will form positive motive that confirms the continuation of the expected rise, and the positive targets begin at 1231.13 and extend to the above mentioned top, taking into consideration that breaking 1211.30 level will stop the suggested rise and pushes the price to extend its bearish correction to 1195.28. Expected trading range for today is between 1211.30 support and 1231.13 resistance.

ED freezes shell companies accounts involved in laundering through gold sales

MUMBAI: The Enforcement Directorate (ED) has begun freezing the accounts of shell companies and investigating certain Mumbai-based bullion dealers suspected to be behind them. These companies transferred huge amounts of cash in scrapped 500 and 1000 notes to the dealers’ bank accounts for purchase of gold bars immediately after the demonetisation announcement on November 8.

Gold trades flat in early deal, silver down

NEW DELHI: Gold futures on the Multi Commodity Exchange (MCX) were trading on a flat note on Wednesday ahead of the US payrolls data, which is expected to release on Friday, amid rising expectations of rate hike by the US Federal Reserve later this month.

Gold price today: Check out rate and market outlook

NEW DELHI: January was the strongest month for gold in over a decade, as Donald Trump and crude oil emerged biggest drivers of market trends for the yellow metal. But February was a rather tepid story. In a world that is in great disequilibrium, both with respect to economic growth as well as geopolitics, there exist more uncertainties than certainties to give gold an edge over other asset classes. Or do they?

Gold prices edge up, but US rate hike outlook drags

Gold prices inched up on Wednesday, but remained near four-week lows hit in the previous session as expectations for a US rate hike in March gathered momentum. Federal Reserve Chair Janet Yellen last week said the central bank was poised to lift benchmark US rates provided jobs and inflation data held up, comments seen as cementing plans for an increase at the Fed's March 14-15 meeting.

Gold falls to Rs 29,550 on weak global cues, muted spot demand

NEW DELHI, MARCH 7: Falling for the second straight day, gold prices dropped by another Rs 200 to Rs 29,550 per 10 grams today, tracking a weak trend overseas amid muted demand from local jewellers. Silver followed suit and fell further by Rs 300 to Rs 42,500 per kg due to reduced offtake from industrial units and coin makers.

Narendra Modi government cuts FY18 gold scheme target by 50%

The government has trimmed by half its target for gold schemes in 2017-18, turning more realistic after struggling to achieve less than 40% of its goal for the current fiscal. The government is aiming at R5,000 crore from all the schemes — sovereign gold bond, gold monetisation and Indian gold coin — in 2017-18, compared with the budgeted level of R10,000 crore for 2016-17, sources told FE.

Hyderabad: 462 gm gold seized from two passengers at airport

Gold worth about Rs 13.72 lakh was seized from two passengers at Rajiv Gandhi International Airport in Hyderabad while they were allegedly trying to smuggle it, a Customs officer said on Tuesday. The two passengers, who came together in a flight from Dubai last night at around 9 PM, had concealed a gold sheet, weighing around 235 gm, in a checked-in baggage. Besides, two gold rods of 227 gm were hidden in a handle of their trolley bag, he said. The yellow metal was seized after the duo was questioned, he said.

Gold prices falls B100 to B20,300

The Gold Traders Association this morning announced the buying prices at 19,829.28 baht per baht-weight for gold ornaments and 20,200 baht per baht-weight for gold bar. The selling prices were set at 20,800 baht per baht-weight for gold ornaments, and 20,300 baht per baht-weight for gold bar. The prices were down 100 baht from Tuesday’s close.

Gold Executives Say Good Assets Are 'Hard to Come By'

John McCluskey, CEO of Alamos Gold, and Phil Baker, CEO of Hecla Mining, join Bloomberg TV Canada's Lily Jamali to discuss the next steps for the gold industry as miners are set to expand again. (Source: Bloomberg)

What Are The Factors Driving Gold Prices This Year?

The short-term trajectory of gold prices is likely to be determined by fluctuations in the investment demand for gold. Gold is largely seen as a safe-haven asset, with investment demand for the metal largely driven by macroeconomic uncertainty. Rising economic growth and interest rates tend to lower the investment demand for the commodity.

Why Is Bitcoin Worth More than Gold?

By this time next week the SEC will issue a decision on whether or not to recognize an ETF designed to replicate the performance of the digital currency, bitcoin. If approved, the ETF (COIN), would make it easier for people to invest in bitcoin, so now might be a good time to offer an explanation of the currency to the uninitiated, in as simple terms as possible.

Moves back toward 50 and 100 day MA support

The price of gold has been moving lower since peaking on Feb 27th at $1264.18. On that day, the price moved above the 200 day MA at 1261.08 but closed below the key MA level. That gave sellers a reason to sell and the price has moved down to today's low at $1216.29 (down about $45 from the high). The price has been down 5 of the last 7 trading days, and the two up days have had marginal gains. So sellers have been in control and keeping the pressure on.

Burkina Faso gold mine to build solar hybrid power plant

IAMGOLD (TSX:IMG) is taking a further step towards diversifying its power needs into renewable energy, with a plan to install at 15-megawatt-peak (MWp) solar power plant at its Essakane mine in Burkina Faso. Announced yesterday, the Toronto-based company has signed a power purchase agreement to begin developing the solar plant at the gold mine, located about 330 kilometres northeast of the Burkinabe capital city, Ouagadougou. The 15-year deal is between IAMGOLD Essakane SA, EREN Renewable Energy SA, AREN ENERGY (PTY) Ltd. and Essakane Solar SAS.

Gold and Silver Market Morning: Mar 7 2017 - Gold waiting for the rate hike!

Gold Today –New York closed at $1,226.00 on the 6th March after closing at $1,251.50 on the 28th February. London opened at $1,224.15 today. Overall the dollar was mixed against global currencies early today. Before London’s opening: - The $: € was weaker at $1.0598: €1 from $1.0557: €1 on 29th February. - The Dollar index was unchanged at 101.57 from 101.57 on 29th February. - The Yen was weaker at 113.90:$1 from 29th February’s 113.45 against the dollar. - The Yuan was weaker at 6.8981: $1, from 6.8783: $1, 29th February. - The Pound Sterling was stronger at $1.2232: £1 from 29th February’s $1.2373: £1.

Gold, silver slip on subdued demand, weak global cues

Gold prices today slipped after recent gains at the domestic bullion market on stockist and investors selling amid subdued local buying driven by bearish overseas cues. Elsewhere, silver declined following hectic speculative selling amid reduced industrial offtake. Standard gold (99.5 purity) slipped by Rs 160 to conclude at Rs 29,035 per 10 grams from its overnight closing value of Rs 29,195. Pure gold (99.9 purity) also fell by a similar margin to end at Rs 29,185 per 10 grams as compared to Rs 29,345 earlier.

Why ‘digital gold’ won’t ever kill off the real thing

In investment terms, a safe haven is exactly what it sounds like: a place of relative safety when times are tough. Traditionally, safe haven assets have been physical, such as gold and silver, the US dollar and the Swiss Franc. More recently, Bitcoin, and other intangible assets, have been entering this discussion. An example of the latter would be one of the many gold Exchange Traded Funds (ETF), which are shares of gold holdings listed on a stock exchange, a financial claim, or US and German government bonds.

Silver Price Looking to Continue Losses Below December Trend-line

After falling sharply last week from resistance, silver price is on the verge of breaking an important trend-line rising up from the December low. The sharp break was followed by a one-day bounce, but momentum looks set to carry the metal lower. A break below trend support and the 3/3 low of 17.64 exposes the neckline of the inverse head-and-shoulders we were once working off of for higher prices.

The Path to $10,000 Gold

I’m very impressed with the recent gold action because it’s holding its own in the face of an impending rate hike. It’s fallen off a bit, but not dramatically. It tells you there are good fundamentals behind it, independent of the threat of a stronger dollar. I believe the Fed is preparing to raise into weakness and will have to reverse course in April or May. What happens to gold then? It’s going to go higher again, because the Fed will cheapen the dollar, and that’s very bullish for gold. So I expect gold to take off in the spring and finish the year very strongly. It could challenge $1,300 or $1,400. Now, as many of my readers know, my long-term forecast is for $10,000 gold. We’re obviously not there now. So how do I arrive at $10,000?

Don't Weigh Bitcoin's Price Against Gold's

On Thursday Bitcoin gained parity with gold for the first time, only to surpass it shortly after. The cryptocurrency reached a high of $1281.21 by 1 p.m. EST on the BTCUSD exchange, according to MarketWatch. The mainstream media is likely to hype the story, inspiring many to sing the praises of Bitcoin as a better investment than gold or other precious metals. But before you trade your gold coins or silver bullion for Bitcoin, remember that cryptocurrencies have little in common to precious metals when it comes to value and volatility. Goldmoney contributor, Stefan Weiler, explains the problems of comparing precious metals vs cryptocurrencies.

Gold worth ₹30 lakh seized at airport

Customs officers at the International Airport at Nedumbassery have seized gold worth ₹30.88 lakh from three passengers. The passengers, Sidhique and Muneer, both natives of Vadakara and Navas of Thalassery, had landed here from Dubai in the morning. On examination, sleuths recovered six crude gold chains weighing 1,050 gram from their brief cases. A case has been registered.

Endeavour Silver: The Market Is Overreacting

Endeavour Silver (NYSE:EXK) has reported its Q4 2016 financial results, and while I agree with another writer that it was a poor quarter by the silver miner, I think the market is overreacting to the news as the stock has now declined by more than 25%. Part of this decline is due to lower gold and silver prices and a downturn in mining stocks in general, but Endeavour shares have been punished even moreso than its peers.

Hecla Mining: Is It Still A Top Silver Stock Pick For 2017?

Hecla Mining (NYSE:HL) was previously listed as one of my top silver stocks to own in 2017 - in fact, I listed this company as my No.2 overall pick, right in back of First Majestic Silver (NYSE:AG). To call the miner the No. 2 overall silver stock to buy in 2017 is a pretty big endorsement. Although the stock has declined recently, I think the decline can be blamed mainly on lower gold and silver prices and a downturn in mining stocks in general, and not anything company-specific.

Gold and Silver hit Target and AUD gains

Yesterday I wrote “Technically Gold and Silver formed Fractal Highs last Monday (February 27) following a weak Wednesday. This was followed by significant declines and closes on Thursday (March 2) with a breach and break of the (20 day moving average) on Thursday. Friday was positive but the week closed below the 20 day moving average. Short positions were taken on both Gold and Silver this morning on the 4 hour charts at 1234.00 and 17.84 respectively.

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