16th August, 2017

Wednesday, August 16

Australia is to release data on the wage price index.
The UK is to publish its monthly employment report.
The euro zone is to produce revised data on first quarter economic growth.
Canada is to report on foreign securities purchases.
The U.S. is to release data on building permits and housing starts and the Fed is to publish the minutes of its latest monetary policy meeting.

Daily Gold Market Report

Gold leans on the bullish channel's support – Analysis - 16-08-2017
Gold price decline stopped at the minor bullish channel's support line that appears on chart, to start the attempts to rebound bullishly and resume the main bullish trend, as the price gets positive signal through stochastic, to reinforce the chances of rising today. Therefore, we will continue to suggest the overall bullish trend unless breaking 1254.56 level and holding below it, as the positive effect of the inverted head and shoulders' pattern still active, waiting to target 1295.37 followed by 1312.00 levels mainly, noting that breaking 1254.56 will push the price to test 1229.32 areas before any new attempt to rise. Expected trading range for today is between 1260.00 support and 1295.00 resistance. Expected trend for today: Overall Bullish

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Proposal for Photocard for Hallmarked Jewellery

Unscrupulous traders using South Korea route to bypass import duty, claim sources

MUMBAI: Traders allegedly misusing the India-South Korea Comprehensive Economic Agreement (CEA) set up companies in South Korea just before the imposition of the Goods and Services Tax (GST) on July 1, claim trade sources. Through these companies they allegedly import gold from places like Dubai, Thailand, Indonesia process them into coins, medallions and jewellery and export them to India at zero duty under the CEA . The medallions, etc, are melted by the Indian traders and sold as bullion, inclusive of the 10% import duty, against the letter and spirit of the CEA that the goods imported should not change form.

Gold import pointer to gap in trade pacts

New Delhi, Aug 15: The government plans to plug the loopholes in the free trade agreements as gold imports doubled to $13.35 billion during the first quarter of the current fiscal. In July this year, imports of the precious metal rose to $2.10 billion from $1.07 billion in the same month of the previous year. Surge in gold imports in July contributed to the widening of trade deficit to $11.44 billion against $7.76 billion in July 2016.

IBJA wants gold coin imports banned from nations with FTA

Export of jewellery with gold content beyond 22 carats banned

Photocards for hallmarked jewellery, says BIS

The Bureau of Indian Standards (BIS) plans to make hallmarking of gold jewellery compulsory and, as a first step, it has proposed photocards for hallmarked jewellery. Currently, the hallmark logos on jewellery are very small and difficult to decipher. The authenticity of these logos also remains suspect. To address this problem, the BIS has proposed to introduce a photocard, of the size of a credit card, with each hallmarked jewellery. This photocard will carry all the details of the product, including a magnified picture of the four hallmark logos, the caratage of the jewellery, the name of the jewellery shop, and the name of the hallmarking centre.

Lionsgold Ltd Feasibility Study Preliminary Results

Lionsgold Ltd (LON:LION), the gold-focused exploration company with assets in India and Finland, and a fintech subsidiary that provides physical gold online accounts, has today reported on the preliminary results of the NI 43-101 compliant Feasibility Study on the Jonnagiri Gold Project (“Jonnagiri” or the “Project”) owned by Geomysore Services India Pvt Ltd (“Geomysore”) in which Lionsgold holds a 21.15% interest.

Gold slips on rising risk appetite, silver plunges over 1%

Gold and silver were trading in red in morning trade as easing tensions between the US and North Korea pushed investors to seek riskier assets such as equities. Market participants are also awaiting minutes from the US Federal Reserve’s last meeting in July for clues on the pace of potential interest rate hikes. Minutes of the Federal Open Market Committee meeting are due later in the day.

Current Gold rate: Check out current gold price

Gold prices inched up early on Wednesday after two days of losses, with investors awaiting minutes from the US Federal Reserve's last meeting in July for clues on the pace of potential interest rate hikes.

Gold prices are likely to jump to a 4-year high of $1,400 by 2017-end

Gold prices are set to jump to a four-year high of $1,400 an ounce by the end of the year over mounting tensions between North Korea and the US, and surging demand in the world’s biggest consumers, according to the head of precious metals at a Russian investment bank.

Gold imports double to $13.35 billion

India’s gold imports more than doubled to $13.35 billion during the April-July period of the current fiscal, according to Commerce Ministry data. Gold imports, which have a bearing on the country’s current account deficit (CAD), stood at $4.97 billion in April-July 2016-17.In July, imports of the precious metal rose to $2.1 billion, from $1.07 billion in the same month of 2016. The surge in gold imports in July contributed to the widening of the trade deficit to $11.44 billion from $7.76 billion a year earlier. India is recording a surge in inbound shipments of gold from South Korea.

‘Bitcoin is no rival to gold’

Bitcoin and gold can happily coexist and the cryptocurrency would not rival the yellow metal, according to Charles Morris, chief investment officer at Newscape Group, a London-based financial services firm. Writing in the latest issue of Gold Investor, published by the World Gold Council, he said that in March 2017, when the price of Bitcoin surpassed the price of an ounce of gold for the first time, many thought gold had found a digital rival. “It hasn’t — this is merely a nominal coincidence”, Mr. Morris wrote.

Gold futures decline to Rs. 28,958 per 10 gm

NEW DELHI, AUG 16: Gold prices drifted lower by Rs. 153 to Rs. 28,958 per 10 grams at the futures trade as participants lightened their positions, largely in tandem with a weak overseas trend. Gold for delivery in far-month December was trading down by Rs. 153 or 0.52 per cent at Rs. 28,997 per 10 grams at the Multi Commodity Exchange with a business turnover of six lots. The metal for delivery in October too fell Rs. 122 or 0.42 per cent to Rs. 28,958 per 10 grams in 311 lots.

Silver futures plunge to to Rs. 38,480 per kg

NEW DELHI, AUG 17: Amid a weak trend overseas, silver prices dived by Rs. 698 to Rs. 38,480 per kg at the futures trade as speculators cut down their bets. Silver for delivery in September was trading lower by Rs. 698 or 1.78 per cent to Rs. 38,480 per kg in a business turnover of 1,388 lots at the Multi Commodity Exchange (MCX). The white metal for delivery in far-month December shed Rs. 657 or 1.65 per cent to Rs. 39,075 per kg with a business turnover of 75 lots.

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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