06th October, 2017

Friday, October 6

Financial markets in China will remain closed for a holiday.
The UK is to release private sector data on house price inflation. C
anada is to publish its monthly employment report along with the Ivey PMI.
The U.S. is to round up the week with the non-farm payrolls report for September New York Fed President William Dudley and Dallas President Robert Kaplan are also to speak.

Daily Gold Market Report

Gold approaches from the target – Analysis - 06-10-2017
Gold price approaches from our waited target at 1263.15, which represents 61.8% Fibonacci correction level measured from 1204.81 to 1357.53, which hints the importance and sensitivity of this level to determine the next trend, as breaking it represents negative factor that will push the price to head towards 1240.85 direct, while holding against the negative pressure will lead the price to start recovery attempts and return to the main bullish trend again. Overall, we will continue to suggest the bearish trend in the upcoming sessions supported by the negative pressure formed by the EMA50, unless the price managed to rally upwards to breach 1281.17 level and hold above it. Expected trading range for today is between 1255.00 support and 1281.17 resistance. Expected trend for today: Bearish

Daily Silver Market Report

Silver awaits the break – Analysis - 06-10-2017
Silver price did not show any strong move yesterday, to continue moving at 16.56 level, which keeps the recently suggested bearish trend scenario valid as it is without any change, waiting to break the mentioned level to cofirm opening the way to head towards 15.49 as a next main station. The EMA50 supports the expected decline, which its continuation conditions holding below 17.43. Expected trading range for today is between 16.40 support and 16.70 resistance. Expected trend for today: Bearish

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Proposal for Photocard for Hallmarked Jewellery

Silver Bars Imports Jump to China + India, Gold Picture Mixed

IMPORTS of silver bars to China and India have leapt according to official data, contrasting with a mixed picture for gold. Gold consumer demand is struggling in India – formerly the metal's No.1 market – yet imports of the metal have risen sharply from 2016's multi-year low, growing by one-third in the first half of the year, and jumping further over the summer as traders took advantage of lower duty rates on shipments from South Korea and Indonesia.

NSE to extend trade in gold ETFs, sovereign gold bond on Dhanteras

After BSE, National Stock Exchange (NSE) has announced to extend the trading session for gold exchange traded funds (ETF) and Sovereign Gold Bond on October 17 till 1900 hours on the occasion of Dhanteras, a festival celebrated two days before Diwali. Besides, the exchange will conduct muhurat trading session on account of Diwali Laxmi Pujan on October 19 from 1830 hours to 1930 hours, NSE said in a notice.

Gold tumbles to Rs. 30,375; silver drops by Rs. 450 per kg

NEW DELHI, OCT 5: Gold tumbled by Rs. 225 to Rs. 30,375 per ten gram at the bullion market today due to muted demand from local jewellers even as the metal strengthened overseas. Silver followed suit and dropped by Rs. 450 to Rs. 40,000 per kg due to reduced offtake by industrial units and coin makers. Traders said the fall in demand from local jewellers and retailers at the spot market mainly weighed on gold prices but a firm trend overseas capped the slide.

Gold Price Chart: Find all the latest gold rate chart and news

Gold prices rose on Wednesday after marking a 7-week low in the previous session, buoyed as the dollar pulled back from a 1-1/2-month high against a basket of currencies.

Gold steady ahead of US payrolls data, set for 4th weekly fall

Gold was steady on Friday ahead of key U.S. jobs data later in the day, with prices curbed as the dollar stood firm near a seven-week high. Spot gold was little changed at $1,267.95 an ounce at 0340 GMT. The metal was, however, down 0.9 per cent for the week and headed for a fourth weekly decline. U.S. gold futures for December delivery were down 0.2 per cent at $1,270.60 per ounce.

Gold prices recover modestly on global cues, silver slips

Mumbai: Gold prices recovered modestly by Rs20 per 10 grams at the bullion market in the city on Thursday on fresh demand from stockists and retailers amid bullish global cues. However, silver slipped by Rs210 per kg on speculative selling and subdued industrial buying. Standard gold (99.5 purity) rose by Rs20 to close at Rs29,445 per 10 grams from Wednesday’s level of Rs29,425.

BIS to come out with good delivery bullion standard for gold bars

MUMBAI: The Bureau of Indian Standards (BIS) will come out with a good delivery bullion standard for gold bars produced domestically from dore and jewellery by the end of this year, said a person who’s a member of the technical committee entrusted with the task. India on average imports 700-800 tonnes of gold each year. A large part is in the form of London Bullion Market Association (LBMA) certified bullion bars, which banks and commodity exchanges have no problems accepting as authentic good delivery bullion.

Rate Hike Odds Weigh on Gold ETFs

U.S. equities have been rallying owing to multiple factors. Institute for Supply Management's (ISM) survey showed that its measure of national factory activity surged to a more than 13-year high of 60.8 in September from 58.8 in August. This led to a rally in the markets and a fall in gold prices .

Europeans bail on gold ETFs

World Gold Council figures show North American ETF holders adding 1.27 million ounces of gold in September, for a 4.7% increase in holdings to 44.5Moz. European ETF holders sold off 423,000oz, bringing total assets under management down 0.6%.This sell majority was the first since July, the WGC said. At the start of the month, gold prices reached $1,350/oz, but fell back down to mid-August levels of $1,280/oz by the end of the month.

Gold Prices Lose Their Bullish Momentum

Another gold seizure at Visakhapatnam airport

German Investors Choose Gold To Protect Their Wealth – WGC

(Kitco News) - Germans invested a hefty $7 billion into gold products in 2016, the World Gold Council (WGC) said in its October market update, adding that there is more room to grow. WGC pointed out that traders in Germany choose to protect their wealth by buying gold, as loose monetary policies around the world and a potential of another financial crisis are worrying the EU country.

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