05th October, 2017

Thursday, October 5

Chinese financial markets will be closed for a holiday.
Australia is to release data on retail sales and the trade balance.
The ECB is to publish the minutes of its latest meeting.
Canada is to release data on the trade balance.
The U.S. is to release a string of reports, including figures on jobless claims, trade and factory orders.
Fed Governor Jerome Powell and Philadelphia Fed President Patrick Harker are both due to speak at an event in Austin.

Daily Gold Market Report

Gold keeps its negative stability – Analysis - 05-10-2017
Gold price kept its stability below 1281.17 level, met by the EMA50 to add more strength to it, which supports the continuation of our bearish overview in the upcoming period, waiting to test 61.8% Fibonacci correction level at 1263.15 as a next main station. Holding below 1281.17 is important to continue the expected bearish trend, as breaching it will provide initial positive motive that supports the chances of attempting to return to the main bullish trend again, while breaking 1263.15 represents the extension of the bearish wave to reach 1240.85 on the short term basis. Expected trading range for today is between 1260.00 support and 1281.17 resistance. Expected trend for today: Bearish

Daily Silver Market Report

Silver approaches from the target – Analysis - 29-09-2017
Silver price moves around 16.80 level, falling under continuous negative pressure provided by the EMA50, to keep the bearish trend suggested in the upcoming period, waiting to test 16.56 level mainly, reminding you that breaking this level will push the price to head towards 76.4% Fibonacci level at 15.49. On the other hand, we should note that breaching 17.43 will stop the current decline and push the price to regain its main bullish track again. Expected trading range for today is between 16.56 support and 16.90 resistance. Expected trend for today: Bearish

IBJA in association with SRDC has launched Skill oriented course for Jewellery Manufacturing Techniques (JMT-1).

For Admissions, contact: Kejal 022 49717444

Proposal for Photocard for Hallmarked Jewellery

Demonetisation, GST take shine off Delhi’s jewellery hub, trigger job distress

New Delhi: The narrow alleys of Old Delhi’s Kucha Mahajani market, a key jewellery and bullion hub of north India, are bustling with activity, or so it seems, with people shoving their way through the crowd. It’s the busy, festival shopping season and crowds are the norm here. Except that they are not in the jewellery shops, small or big. The slowdown in the Indian economy has hurt businesses in Kucha Mahajani market like elsewhere, and has taken a toll on jobs.

Gold, silver trade flat ahead of US jobs data

Gold and silver were trading almost flat on Thursday morning ahead of the key US non-farm payrolls data to be released on Friday. MCX Gold futures were trading at Rs 29,290 around 11 am (IST), while MCX Silver was up 0.05 per cent at Rs 39,106 per 10 gram at around the same time.

Gold, Silver Prices See Corrective Bounces

(Kitco News) - Gold and silver prices are firmer in early U.S. trading Wednesday, on some short covering in the futures markets and perceived value-buying in the cash markets, following recent selling pressure that drove both markets to seven-week lows earlier this week. A weaker U.S. dollar index on this day is also a supportive outside market element working in favor of the precious metals bulls. December Comex gold was last up $6.60 an ounce at $1,281.30. December Comex silver prices were last up $0.155 at $16.805 an ounce.

Gold’s great rally of 2017 faces twin threat

Gold has quietly staged a spectacular rally for much of 2017. A combination of a weaker dollar and an ever changing menu of geopolitical risks, most recently the belligerent rhetoric between the US and North Korea, has propelled the yellow metal up 15 per cent through to early September.

Gold futures rise to Rs. 29,528 per 10 gm

NEW DELHI, OCT 5: Gold prices rose Rs. 52 to Rs. 29,528 per 10 grams at the futures trade today as speculators created fresh positions owing to positive cues from global markets. At the Multi Commodity Exchange, gold for delivery in far-month February next year was up Rs. 52 or 0.18 per cent at Rs. 29,528 per 10 grams in a trade volume of 16 lots. The metal for delivery in December moved up Rs. 28 or 0.10 per cent to Rs. 29,434 per 10 grams in a turnover of 192 lots. Market analysts said that the rise in precious metal at the global market mainly influenced gold prices at the futures trade here. Meanwhile, gold edged up 0.03 per cent to $1,275 an ounce in Singapore today.

Is city the new landing point for gold smugglers?

Last Sunday, based on inputs from the Air Intelligence wing of the Customs, officials detained a Sri Lankan national at the Green Channel and recovered 18 gold biscuits from him. The biscuits that weighed about 347 gm with a market value of about ₹10.56 lakh were hidden by the rectum and stomach of the passenger, Abdul Razak Mohammed Ziyard.

Can Mali Maintain Its Gold Mining Status?

Mali’s gold exports are falling, and new discoveries aren’t enough to make up for the loss of its giant legacy mines, where production is already dead or winding down, and the fate of one of the biggest of them all—Sadiola—now hangs in the balance. The world-class Sadiola gold mine needs an investment of $380 million to keep it open for another 10 years, accessing 3.4 million ounces in reserves.

PRECIOUS-Gold pares gains as dollar comes off lows on U.S. data

NEW YORK/LONDON, Oct 4 (Reuters) - Gold pared gains on Wednesday as the U.S. dollar came off its lows on strong data from the U.S. service sector index. Having touched its lowest since mid-August on Tuesday, spot gold was up 0.2 percent at $1,274.41 per ounce by 2:25 p.m. EDT (1825 GMT). Earlier on Wednesday, it reached a high of $1,282 per ounce.

Opinion: Trump’s saber-rattling is the big reason you should own some gold

President Donald Trump has thrown gold’s true believers a lifeline. Trump’s inflammatory statements and tweets on some of the most sensitive areas of foreign policy — notably North Korea and Iran — have raised risk dramatically on the international stage. And by that I mean the risk of war, even nuclear war.

Gold prices little changed in quiet trade ahead of US jobs data

Gold Shows First Signs of Price Support

Gold price: ETF investors remain bullish

On Wednesday, gold was trading up slightly from eight-week lows struck yesterday, exchanging hands for $1,277.10 in early afternoon dealings. The metal has gained 11% in 2017, but is nearly $80 an ounce off the year's high struck less than a month ago.

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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