8th June, 2018

Daily Market Rates

India A.M. (08-06-18)

999 Gold - Rs. 30,960/-
995 Gold - Rs. 30,810/-
916 Gold - Rs. 28,359/-
750 Gold - Rs. 23,220/-
585 Gold - Rs. 18,112/-
999 Silver - Rs. 40,030/-

 

 

 

 



India P.M. (07-06-18)

999 Gold - Rs. 30,925/-
995 Gold - Rs. 30,775/-
916 Gold - Rs. 28,327/-
750 Gold - Rs. 23,194/-
585 Gold - Rs. 18,091/-
999 Silver - Rs. 39,975/-

Friday, June 8

China is to report on trade figures.

Daily Gold Market Report

Gold price within a continuation pattern – Analysis - 08-06-2018
Gold price’s recent trades are confined within bearish pennant pattern, which means that breaking its support at 1291.40 will activate the negative effect of this pattern and push the price to resume the bearish trend, which targets 1285.90 followed by 1267.00 levels as next main stations. Therefore, we will continue to suggest the bearish trend for the upcoming period unless breaching 1301.20 level and holding above it. Expected trading range for today is between 1280.00 support and 1310.00 resistance. Expected trend for today: Bearish

Daily Silver Market Report

Silver attempts to breach – Analysis - 08-06-2018
Silver price attempted to breach 16.80 level but it returns to hold below it, which keeps the price within the sideways range that its lines represented by the mentioned resistance and 16.15 support, to continue dominating the intraday trading. We remind you that exiting the sideways range will push the price towards 17.43 in case confirming breaching the above mentioned resistance, while breaking the support will put the price under negative pressure that targets 15.49 mainly. Expected trading range for today is between 16.45 support and 16.90 resistance. Expected trend for today: Sideways

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Gold prices to trade sideways today: Angel Commodities

On Thursday , spot gold prices traded flat to close at $ 1296.7 per ounce as a weaker dollar and trade tensions provided support but investor anticipation of a U.S. rate hike from the Federal Reserve next week weighed on prices. This week , gold prices have been supported by a softer greenback supported dollar - denominated gold after the euro rose to a 10 - day high when European Central Bank officials said an end to the bank's bond - buying program by the end of 2018 was plausible. On the MCX, gold prices rose 1 percent to close at Rs. 31193 per 10 gms boosted by Rupee depreciation.

RBI amends Gold Monetisation Scheme to make it more attractive

The Reserve Bank of India (RBI) has made changes in the Gold Monetisation Scheme (GMS) to make it more attractive. The revamping of the scheme is aimed at enabling people to open a hassle-free gold deposit account. The short-term deposits should be treated as bank's on-balance sheet liability, the RBI said in a notification.

Gold rises on global cues, silver tops Rs 41,000-mark

Rising for the second straight day, gold prices advanced by Rs 10 to Rs 31,870 per 10 grams at the bullion market today on persistent buying by local jewellers amid a firm trend overseas. Silver, too, reclaimed the Rs 41,000-mark by surging Rs 250 per kg backed by increased offtake by industrial units and coin makers.Traders said apart from a firm trend overseas where gold prices edged higher today, supported by a weaker dollar amid ongoing concerns about a trade war between the US and its allies, and sustained buying by local jewellers at domestic spot market, kept the precious metal's prices higher.

Gold ETF holdings rise by 15 tonnes to 2,484 tonnes in May

Global gold-backed ETF holdings added 15 tonnes to 2,484t in May, according to World Gold Council (WGC). Europe and Asia drove inflows as European funds have responded strongly in the past two months. North American fund flows reversed their early 2018 trend as they lost 2.3 per cent of assets, likely a result of the volatile prices in the gold market which left gold lower by 60bps (in dollar terms) on the month. According to WGC,European inflows have caught North American inflows on the year, while Asian funds have grown 20 per cent, led by Bosera Gold ETF which has grown 114 per cent.Gold price volatility has been inversely correlated with North American flows.

Commodity outlook: Gold and copper likely to move higher

Gold prices inched up on Thursday, as the euro rose to a two-week high against the US dollar. The investors are now waiting for meetings of key central banks and the US-North Korea summit next week. In metals, copper hit its highest level this year lifted by concerns and by healthy appetite for cyclical assets. In energy sector, crude oil rose on concerns about a plunge in exports from Venezuela, although surging US production kept gains in check. Here’s Motilal Oswal Securities’ take on how different commodities are likely to trade ahead.

Gold steady as investors wait for next week's Fed meeting

Gold prices were largely unchanged on Friday as investors remained cautious ahead of key events next week such as a U.S. Federal Reserve policy meeting and a summit between the United States and North Korea.

Gold Prices Extend Gains To Second Day: 5 Things To Know

New Delhi: Rising for the second straight day, gold prices advanced by Rs. 10 to Rs. 31,870 per 10 grams at the bullion market today on persistent buying by local jewellers amid a firm trend overseas. Silver, too, reclaimed the Rs. 41,000-mark by surging Rs. 250 per kg backed by increased offtake by industrial units and coin makers. Traders said apart from a firm trend overseas where gold prices edged higher on Thursday, supported by a weaker dollar amid ongoing concerns about a trade war between the US and its allies, and sustained buying by local jewellers at domestic spot market, kept the precious metal's prices higher.

How much gold can be mined in India?

Officially, India mined just 1.61 tonnes of gold in India during 2017-18. That was essentially from primary sources. But ask geologists, and they will tell you that India should be mining a lot more gold. This is because the terrain from Australia to China has similar geological features. There is a lot of gold to be found there. For instance, points out an Australian geologist, “In Australia, we produce around 300 tonnes (9.7 million troy ounces) compared to barely 2 tonnes in India. We think India could produce a lot more. In fact,” he adds, “look at China. Even China has a similar terrain. In 1994, India produced around 2 tonnes, and China produced around 3 tonnes. Today, China produces 450 tonnes”. Clearly the potential for India is huge.

These 6 charts show why gold prices may soon see a big rally

GOLD By Aasif Hirani A look at gold prices shows that bears are in control in the short term. The US non-farm payroll data, released on June 1, came in better than expected. That gave bears a chance to assert their dominance. Gold on Comex is being held down by the 200-day moving average (DMA) and short-term down trendline. The metal needs to break that trendline and the DMA to start the upmove as shown on the chart.

Watch Out, World's Largest Country Has Growing Appetite For Gold Jewelry - World Gold Council

(Kitco News) - China’s improving wealth is expected to renew growth in jewelry demand, creating long-term support for global gold demand and performance, according to the World Gold Council (WGC). In a report published Wednesday, the WGC said that China’s jewelry renaissance has come as a result of a “painful period of reinvention” that saw the industry evolve to meet a rapidly changing middle class.

India's Gold Imports Plunge For Fifth Month In A Row As Higher Prices Hurt Demand - GFMS

(Kitco News) - Gold imports by the world’s second largest consumer dropped for the fifth consecutive month in May to 48 tonnes, as higher local prices restrained consumer demand, said Thomson Reuters-owned metals consultancy GFMS. The yellow metal prices hit a 21-month high last month, which limited retail demand for gold jewelry, said GFMS senior analyst Sudheesh Nambiath on Wednesday.

Silver Price 'Will Top $20 in 2018 'Platinum 'Will Regain $1000'

SILVER PRICES rose for a fourth day in London on Thursday, again beating both gold and platinum as world stock markets gained and Italy's borrowing costs retreated further from last week's spike to 2012 crisis levels. Touching $16.78 per ounce just ahead of New York opening for trade, silver bullion traded 2.3% higher for this week so far. Gold stood just 0.5% higher from last Friday's finish at $1299, while platinum prices had added barely $3 per ounce to $907.

Gold prices rise on global cues, silver tops Rs41,000-mark

De Beers to sell synthetic diamonds: Here's how they are made


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