09th October, 2017

Daily Market Rates

India A.M. (09-10-17)

999 Gold - Rs. 29,805/-
995 Gold - Rs. 29,655/-
916 Gold - Rs. 27,301/-
750 Gold - Rs. 22,354/-
585 Gold - Rs. 17,436/-
999 Silver - Rs. 39,520/-





India P.M. (06-10-17)

999 Gold - Rs. 29,510/-
995 Gold - Rs. 29,360/-
916 Gold - Rs. 27,031/-
750 Gold - Rs. 22,133/-
585 Gold - Rs. 17,263/-
999 Silver - Rs. 38,850/-

Monday, October 9

Financial markets in Japan will be closed for a holiday.
China is to publish its Caixin services PMI.
Germany is to release data on industrial production.
In Canada, markets are to remain closed for the Thanksgiving Holiday.

Daily Gold Market Report

Gold begins to recover – Analysis - 09-10-2017
Gold price opens today's trading with clear positivity to breach 1281.17 level and attempts to hold above it, which hints the price head to regain the main bullish track after the bearish correction that it witnessed in the past sessions, waiting for more rise on the intraday and short term basis. Therefore, the bullish trend will be suggested for today, and the first target is located at 1299.20, noting that breaching this level will confirm extending gold price gains to reach 1321.49 as a next main station, while breaking 1281.17 represents negative factor that will put the price under the negative pressure again. Expected trading range for today is between 1275.00 support and 1299.20 resistance. Expected trend for today: Bullish

Daily Silver Market Report

Silver fails to break – Analysis - 09-10-2017
Silver price could not manage to break 16.56 level after the frequent negative attempts in the previous days, to provide positive trading on its way to test the key resistance, which hints the price head to rise again and stop the bearish correction that dominated the price in the past days. Therefore, we expect witnessing more rise in the upcoming period, and breaching 17.43 is required to confirm extending the bullish wave towards 18.30, noting that breaking 16.56 will stop the positive possibility and push the price to decline again. Expected trading range for today is between 16.85 support and 17.15 resistance. Expected trend for today: Bullish

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Gold, silver up in morning trade

Gold and silver were trading higher on Monday morning on account of buying in precious metals from jewellers, industries and retailers. MCX Gold futures were trading 0.45 per cent, or Rs 132, up at Rs 29,705 per 10 gram around 10.50 am (IST), while MCX Silver was up 0.76 per cent, or Rs 299, at Rs 39,895 per 1 kg at around the same time...

Gold / Silver / Copper Prices - Weekly Outlook: October 9 - 13

Gold prices rebounded from two month lows on Friday as fresh concerns over tensions with North Korea pressured the dollar lower and bolstered safe haven demand for the precious metal. Gold futures for December delivery settled up 0.48% at $1,279.26 on the Comex division of the New York Mercantile Exchange, after falling as low as $1,262.80 earlier. The dollar fell following reports on Friday that North Korea is preparing to test a long-range missile, adding to fears over a potential conflict in the region. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.16% at 93.62 late Friday, after hitting a more than two-month high of 94.10 earlier in the session...

Gold hits 1-week high amid renewed North Korea fears

Gold prices climbed to their strongest level in more than a week on Monday as renewed concerns over North Korea's nuclear ambitions stoked safe-haven demand for the precious metal and weighed on the dollar. Spot gold was up 0.4 per cent at $1,279.99 an ounce by 0705 GMT, after earlier touching $1,284.97, its highest level since September 29...

Government to introduce new limit for reporting gold transactions

The government will soon notify a new threshold for the value of transactions in gold, silver and precious stones such as diamonds which have to be reported to the authorities in order to check the diversion of black money into bullion, Revenue Secretary Hasmukh Adhia said...

Jewellers rally on Indian rule reversal as peak gold season looms

Shares of jewellers climbed in India after the government withdrew an order that brought the industry under anti money-laundering legislation, a move that comes just as gold buying improves before the Hindu festival of Diwali, the peak season for demand. Jewellers were included in the Prevention of Money-Laundering Act in August, increasing compliance requirements...

Is Silver Turning?

The last Silver Market update almost a month ago called the intermediate top within a day, as you may recall, and it has back to the extent predicted in that update. There was more evidence of a turn in silver than gold on Friday, when a more obvious reversal candle appeared on its chart. On the 6-month chart we can see that a long-tailed candle occurred that approximates to a bull hammer where the price closed not far off the day's highs on the biggest volume for over a month...

Why Crossing Above 18.80 USD is Crucial for Silver Price

Why Crossing Above 18.80 USD is Crucial for Silver Price Taki Tsaklanos 2 days ago Tags: SIL, SILVER TWEET THIS Silver price surged on Friday October the 6th from 16.35 to 16.85 USD in less than an hour. Does this price action signal a Bullish move for Silver ? What does a confirmation of Silver price’s next move look like? Why is crossing the 18.80 USD so crucial for Silver price? To answer theses important questions, we will take a look at a long term Silver chart. In fact the chart below covers Silver price for the last 15 years. It gives us a good perspective of how the recent movement in Silver prices fits with the big picture...

New limit for reporting gold transactions soon, says Revenue Secretary Hasmukh Adhia

The government will soon notify a new threshold for reporting to authorities about transactions in gold and other precious metals and stones with a view to curb parking of black money in bullion, Revenue Secretary Hasmukh Adhia said. The government had on Friday reversed its August order of bringing gems and jewellery dealers under the purview of the reporting requirement of the Prevention of Money Laundering Act (PMLA)...

I-T dept recovers Rs 7 cr cash, 3 kg gold in raid on Jay Bharat Maruti Group

About Rs 7 crore cash and three kilograms of gold concealed under a bed and in a bathroom have allegedly been seized by the Income Tax Department in raids against a Gurgaon-based auto parts manufacturing firm and its owner, officials said. The department conducted raids at about 30 locations in Delhi...

KYC norms easing may boost gold buys

Import of gold is expected to pick up this month after a sharp fall in September, thanks to likely revival of demand following the government's decision to do away with the requirement of permanent account number for cash purchases of Rs 50,000 and above. The decline in international gold prices is also likely to boost domestic demand, said Shekhar Bhandari, business head for global transaction (banking and precious metals) at Kotak Mahindra Bank...

Gold holds gains after North Korea missile report

Chinese Holidays Are Over And Gold Premiums Are Rising, But This Is Why We Remain Bearish On Gold

Could 2017 be gold's best year since 2010?

In a world where nearly every investment is rising, so is gold. But a big part of why many investors are buying gold is that they're worried those other investments, such as stocks and bonds, are due for a drop. Will Rhind is a former executive at the largest exchange-traded fund backed by gold bars, SPDR Gold Shares. He recently started a rival ETF, GraniteShares Gold Trust, and talked about what's been behind this year's 13 per cent rise for gold...

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