9th March, 2017

Daily Market Rates

India A.M. (09-03-17)

999 Gold - Rs. 28,825/-
995 Gold - Rs. 28,675/-
916 Gold - Rs. 26,404/-
999 Silver - Rs. 41,725/-





India P.M. (08-03-17)

999 Gold - Rs. 28,995/-
995 Gold - Rs. 28,845/-
916 Gold - Rs. 26,559/-
999 Silver - Rs. 42,300/-

Thursday, March 9

China is to release data on consumer and producer price inflation.
The ECB is to announce its latest monetary policy decision. The announcement is to be followed by a press conference with President Mario Draghi.
Canada is to report on new house price inflation.
The U.S. is to publish data on unemployment claims and import prices.

Daily Gold Market Report

Gold breaks the support – Analysis - 09-03-2017
Gold price confirmed breaking 1211.30 level and settled with a daily close below it, to open the way towards the extension of the bearish correctional wave to 1195.28, which represents 50% Fibonacci level to the rise that was measured from 1127.40 to 1263.17, the bearish bias will be preferred in the upcoming sessions, supported by the negative pressure that comes from the EMA50. The bearish correctional channel that appears in the image supports the suggested decline, which will remain valid and active unless breaching 1211.30 then 1217.80 levels and holding above it. Expected trading range for today is between 1195.28 support and 1217.80 resistance. Expected trend for today: Bearish

Gold inches down to the lowest level in five weeks ahead of US jobs data

BENGALURU: Gold prices inched down to the lowest level in five weeks on Thursday, pressured by an uptick in the dollar ahead of US non-farm payrolls data on Friday. Spot gold was barely changed at $1,207.38 per ounce at 0325 GMT after touching $1,205.50, the lowest since February 1, earlier in the session. US gold futures eased 0.2 per cent to $1,207.00. Investors are awaiting February non-farm payrolls data on Friday as a barometer of the US economy after Federal Reserve Chair Janet Yellen said last week the central bank was poised to lift rates provided jobs and inflation data held up.

Gold rate today: Track this page for all the latest trends & market outlook

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 imports said to triple on wedding season demand in February

Gold imports by India, which competes with China for the role of world’s biggest consumer, are said to have risen almost threefold in February from a year earlier as jewellers increased stockpiles before the festival and wedding period that starts next month.

Gold falls for 4th straight day; down at Rs. 29,250 per 10 gm

NEW DELHI, MARCH 9: Gold prices went down for the fourth straight day — this time by Rs. 250 — to Rs. 29,250 per 10 grams, in sync with a weak global trend amid slack demand from local jewellers. Silver also cracked below the Rs. 42,000-mark by plunging Rs. 600 to Rs. 41,500 per kg due to reduced offtake by industrial units and coin makers. Traders said gold fell globally on the growing buzz that the US interest rate is set to go up next week, which would reduce the appeal for the metal as an alternative asset. Globally, gold fell 0.3 per cent to $1,204.28 an ounce in Singapore.

Three men get five years’ RI for cheating gold trader of Rs2.35 crore in Mumbai

Three men were sentenced to five years’ rigorous imprisonment recently or cheating a gold trader of Rs2.35 crore by promising him gold at very cheap rate. In 2014, the accused had lured the complainant saying they will use their ‘contacts’ to clear gold items seized by customs department and will sell him at cheap rate. Unfortunately, no money could be recovered as the accused splurged it all.

Gold, silver trade lower in early trade on strong dollar

NEW DELHI: Gold and silver futures on the Multi Commodity Exchange (MCX) were trading lower in early trade on Thursday as the US dollar gathered strength on the prospect of a US interest rate hike later this month.

Gold Suffers Worst Run Since October as Slide Below $1,200 Looms

Gold is sliding toward $1,200 an ounce in its longest losing run since October as positive U.S. economic figures reinforce expectations that yields on other investments will rise this year. Bullion for immediate delivery fell 0.3 percent to $1,204.14 an ounce by 9:40 a.m. in London after touching the lowest level since Feb. 1, according to Bloomberg generic pricing. It slid for a fourth day as yields on 10-year Treasuries gained for a ninth.

Digital gold won't ever kill off the real thing. Here's why

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.

Gold Prices Slide Down the Slope of Despair

In our last article, we asked if bulls in the Gold market were in the early process of retreat. At the time, rate hike expectations for the United States were steadily increasing for the upcoming March meeting, taking place next Wednesday. Previously, it didn’t’ appear as though Gold prices were buying the Fed’s rate hike plans. But as various members of the bank got more vociferous on the subject of rate hikes, starting with John Williams of the San Francisco Fed just hours before Donald Trump’s Joint Address to the Union; and it appears as though the Gold market has awoken to the reality of a persistently hawkish Fed. 

Silver falls by Rs 166 on weak global cues

Taking weak cues from overseas markets, silver prices fell by Rs 166 to Rs 41,775 per kg in futures trade today as speculators trimmed their commitments. At the Multi Commodity Exchange, silver for delivery in July was trading lower by Rs 166, or 0.40 per cent, at Rs 41,745 per kg in a business turnover of 16 lot. Similarly, the white metal for delivery in far-month May declined by Rs 165, or 0.40 per cent, to Rs 41,265 per kg in a business volume of 1,252 lots.

BCA distributed silver coins to members: Deloitte report

VADODARA/MUMBAI: The Deloitte audit report, which has exposed massive corruption in some state associations of the Board of Control for Cricket in India (BCCI), threatens to stir a hornet's nest in Indian cricket. Amongst its many damning findings, the report, commissioned by the BCCI under its `project transformation' in November 2015 when current ICC chairman Shashank Manohar was its president, highlights how the Baroda Cricket Association (BCA) distributed silver coins worth Rs 96 lakhs to all its 2,300 members last year.

Expect Silver prices to trade sideways: Sushil Finance

Silver slipped 1.3 percent to $17.26 per ounce, after tapping its lowest since Jan. 31 at $17.19. Outlook We expect silver prices to trade sideways on the back of short covering after sharp drop in prices.

Silver to trade in 41007-42171 range: Achiievers Equities

Silver trading range for the day is 41007-42171. Silver prices dropped after a better-than-expected ADP jobs report lifted expectations of a March rate hike. The ADP National Employment Report showed it s biggest increase in more than a year in February, suggesting the U.S. economy remains on solid ground. Holdings at ishares silver trust dropped by 0.46% i.e. 47.14 tonnes to 10303.74 tonnes from 10350.88 tonnes. SELL SILVER MAY 2017 @ 41600 SL 41850 TGT 41380-41100.MCX.

Gold prices log 7th straight loss

Gold futures extended a slump into a seventh consecutive session Wednesday, sending the yellow metal to its lowest finish since the start of February, after data showed a jump in private-sector job creation last month. The labor report further cemented expectations for the Federal Reserve to raise interest rates next week. Gold for April delivery on Comex GCJ7, -0.36% fell $6.70, or 0.6%, to settle at $1,209.40 an ounce—the lowest settlement for futures prices since Feb. 1, according to FactSet. May silver SIK7, -0.68% also declined 23.8 cents, or 1.4%, to $17.298 an ounce.

Customs seizes gold worth Rs 50 lakh at international airport in Delhi

Gold worth Rs 50 lakh has been seized by the customs officials at international airport here. About 1.7 kgs of gold was seized in three incidents reported in the past two days. In first case, a passenger was intercepted after his arrival from Bangkok. He was allegedly found carrying 435 gms of gold by hiding it inside leather sandals worn by him, a press release issued on Wednesday by the customs said.

Gold: Driven by Central Bankers and Geo-Political Chaos

This year gold’s fortunes will be influenced by the actions of the Central Bankers and the Geo-Political chaos which is simmering in various parts of the world. We are all aware that there are many factors that influence the precious metals sector; however, today we will only look at these two as I believe they are the dominant factors. Janet Yellen’s speech on Friday referred to possible rate hikes being implemented sooner rather than later as economic conditions would appear to have improved. Also note that inflation had popped above 2% for the first time in 2½ years which can be construed as an additional reason for the Federal Reserve to lift interest rates progressively this year.

Gold: It's Not Just About Supply and Demand

You may think that investing in gold differs from investing in stocks -- after all, gold is a commodity. Yet, the same investor psychology that moves stocks also moves gold.

Gold cracks below Rs 29,000 on reduced demand

MUMBAI: Gold prices slipped further to close below the Rs 29,000-mark at the domestic bullion market here today due to poor offtake by stockists amid bearish overseas cues. Elsewhere, silver also dipped further owing to subdued demand from consuming industries. Standard gold (99.5 purity) slipped by Rs 190 to end at Rs 28,845 per 10 grams from its overnight closing of Rs 29,035. Pure gold (99.9 purity) also fell by a similar margin to end at Rs 28,995 per 10 grams as compared to Rs 29,185 earlier. Silver (.999 fineness) declined by Rs 540 per kg to settle at Rs 42,300 from Tuesday's finish of Rs 42,840.

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