10th October, 2017

Tuesday, October 10

Australia is to release data on business confidence.
The UK is to publish reports on manufacturing production and the trade balance.
Canada is to report on building permits.
Minneapolis Fed President Neel Kashkari is to speak.

Daily Gold Market Report

Gold keeps its positive stability – Analysis - 10-10-2017
Gold price kept its stability above 1281.17 level, to start today with bullish bias on its way to head towards our first target at 1299.20, as the price gets positive support by the EMA50, to keep the bullish trend suggested in the upcoming sessions. Note that breaching the targeted level will push the price towards 1321.49 direct, while breaking 1281.17 will push the price to test the most important support to the short term trading at 1263.15 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 rises – Analysis - 10-10-2017
Silver price continues to rise to begin testing the resistance line that appears on chart, and the price needs to surpass the EMA50 that forms negative pressure against the intraday trading to confirm the continuation of the bullish bias in the upcoming sessions. In general, we will continue to suggest the bullish trend on the intraday and short term basis as long as 16.56 level remains intact, noting that breaching 17.10 will reinforce the expectations of achieving our positive targets that start at 17.43 and extend to 18.30. Expected trading range for today is between 16.90 support and 17.20 resistance. Expected trend for today: Bullish

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Gold, Silver Rebound On Safe-Haven Demand, Short Covering

Gold and silver prices were ending the U.S. day session higher, boosted by short covering in the futures markets and by some safe-haven buying interest amid stepped-up geopolitical worries. December Comex gold was last up $8.70 an ounce at $1,283.70. December Comex silver was last up $0.13 at $16.925 an ounce. There were some significant geopolitical events occurring over the weekend. While the world stock markets have so far mostly shrugged them off as nothing new or major, the gold and silver markets did get some safe-haven buying support...

Gold futures rise 0.18% on global cues

Gold futures were trading up 0.18 per cent at Rs 29,778 per ten grams as traders raised bets amid positive cues from the global markets. At the Multi Commodity Exchange, gold for delivery in February next year rose Rs 54, or 0.18 per cent, to Rs 29,863 per ten grams in a business turnover of 9 lots. Similarly, the metal for delivery in December traded higher by Rs 50, or 0.15 per cent, to Rs 29,778 per ten grams in 378 lots...

Silver futures climb to Rs. 40,092 per kg

Silver prices went up by Rs. 152 to Rs. 40,092 per kg at the futures trade as participants indulged in enlarging positions due to a firm trend in precious metals overseas. Silver for delivery in December was up by Rs. 152 or 0.38 per cent at Rs. 40,092 per kg at the Multi Commodity Exchange in a business turnover of 71 lots...

Jewellers expect at least 20% increase in gold sales with easing of KYC norms

Everything that glitters might actually be gold this Diwali. Thanks to extension of provisions of PMLA (Prevention of Money Laundering Act) from the present limit of Rs 50,000 to Rs 2,00,000 in the case of jewelry purchases. Going by the rise in sales in the weekend post the announcement, jewelers are upbeat about overall festive sales going up...

US Silver mines production down 6 percent

United States mines has produced 85,5 00 kilograms (kg) of silver during the month of June this year, a slight increase compared with May ’s revised production and a 6% decrease compared with that in June 2016, according to the latest figures released by the U.S. Geological Survey. Based on unrounded data, the average daily silver production in June was 2,850 kg, a 5% increase compared with 2,710 kg in May and 6% less than 3,020 kg in June 2016...

Gold marks over 1-week high, but US rate hike prospects curb gains

Gold prices inched up to their highest in more than a week on Tuesday, drawing support from geopolitical tensions and a softer dollar, but expectations of another US Federal Reserve interest rate hike this year curbed upside momentum. Spot gold was up 0.3 per cent at $1,287.31 an ounce by 0653 GMT, after touching its highest since late September at $1,288.70 earlier in the session...

MCX to launch options trading in gold on Dhanteras; stock down

MCX on Tuesday said it would launch trading in gold options on the day of auspicious Dhanteras, October 17. The commodity exchange has been engaged with the members for a few months now to prepare for the launch of options. ET Now had in September suggested options launch between October 5 and October 15, quoting MD and CEO at MCX, Mrugank Paranjape...

Making Sense Of Gold’s Latest Moves (GLD)

Many gold bugs make an implicit assumption. Gold is good, therefore it will go up. This is tempting but wrong (ignoring that gold does not go anywhere, it’s the dollar that goes down). One error is in thinking that now you have discovered a truth, everyone else will see it quickly. And there is a subtler error. The error is to think good things must go up. Sometimes they do, but why? First, we think it’s a cop-out to say, “well it’s all subjective...

Here's Why Bitcoin Won't Replace Gold So Easily

Last week I spoke on the topic of the blockchain last week at the Subscriber Investment Summit in Vancouver. My presentation focused on the future of mining—not just of gold and precious metals but also cryptocurrencies. Believe it or not, there are upwards of 2,100 digital currencies being traded in the world right now, with a combined market cap of nearly $150 billion, according to Coinranking.com...

Gold got rejected at a key level and could be setting up for a big drop

Silver Prices: 1 Reason Why the Precious Metal Could Be a “Home Run Trade”

Gold and silver worth millions found in Swiss sewage

Thinking about a gold-panning holiday in Switzerland? Head south to Ticino, where concentrations of gold in sewage are “sufficiently high for recovery to be potentially worthwhile”, according to a federal science report. Every year, gold and silver worth CHF3 million ($3.06 million) is lost via effluents and sludge from wastewater treatment plants in Switzerland...

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