16th July, 2018

Monday, July 16

Financial markets in Japan will be closed for a holiday.
China is to release data on second quarter growth, fixed asset investment and industrial production.
Canada is to report on foreign securities purchases.
The U.S. is to publish retail sales figures and a report on manufacturing activity in the New York region.

Daily Gold Market Report

Gold price touches the target – Analysis - 16-07-2018
Gold price settles near the main target mentioned in our previous reports at 1236.41, and the price moves within minor bearish channel that supports the chances of breaking the mentioned level to open the way to extend the bearish wave on the short term basis, as the price falls under continuous negative pressure that comes by the EMA50. Therefore, we will continue to suggest the bearish trend in the upcoming sessions, noting that the next target extends to reach 1204.00, while breaching 1250.00 represents positive factor that will push the price to test 1267.00 before any new attempt to decline. Expected trading range for today is between 1230.00 support and 1250.00 resistance. Expected trend for today: Bearish

Daily Silver Market Report

Silver price approaches the target – Analysis - 16-07-2018
Silver price provided negative trades in the previous sessions to gradually approach our main waited target at 15.49, which supports the continuation of our bearish overview on the intraday and short term basis, which depends on the price stability below 16.15, as breaching this level will put the price within the sideways track that appears on the chart, noting that breaking the targeted level will extend silver price losses to reach 14.77 on the short term basis. Expected trading range for today is between 15.50 support and 16.00 resistance. Expected trend for today: Bearish

IBJA announces launch of "Indian Jewellers Week" (IJW) a dream project for manufacturers and wholesalers across India with its first edition at Zaveri Bazaar, Mumbai from 1st to 7th October 2018. IJW ,
the business at your doorstep is organised by Glambox.
Banaye Aasan Jewellery Vyapar

XAU/USD Technical Outlook: Gold Price Relief or Larger Recovery?

Gold responded to confluence support this week with prices rallying nearly 2% off the lows- so is a more significant low in place? The verdict is still out - but the technicals are clean. Here are the levels that matter for XAU/USD heading deeper into June trade. Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more.

Gold prices buoyed by weaker dollar, Asian stocks

BENGALURU (Reuters) - Gold prices recovered from a seven-month low on Monday, as the dollar traded below its recent highs and after sluggish GDP data from China weighed on Asian stocks. Spot gold was up 0.2 percent at $1,242.86 an ounce at 0730 GMT, after marking the lowest since Dec. 12 at $1,236.58 on Friday. U.S. gold futures for August delivery were about 0.2 percent higher at $1,243 an ounce. “The CNH (Chinese yuan traded offshore) is a bit stronger versus the dollar and that’s giving gold some support,” a Hong Kong-based trader said.

India’s gold imports in Apr-Jun dip 25% to $8.43 billion

New Delhi: India’s gold imports fell by 25% to $8.43 billion in April-June 2018-19 period due to sliding bullion rates in both global and domestic markets. According to the commerce ministry data, gold imports had amounted to $11.26 billion in April-June 2017-18. The imports of the metal have been declining since January this year. Silver imports grew by 104.5% to $364.24 million in June.

Sotheby's to host first all gold auction after demand surges from Asia and Middle East

Sotheby’s is to hold its first ever auction entirely dedicated to gold after a spike in demand for artefacts and furniture made with the precious metal.The auction was announced following “increasingly strong demand” for gold from clients in markets such as Asia, Russia and the Middle East. The event due to be held later this year will feature a solid gold head of supermodel Kate Moss and a gold chair which once sat in Napoleon's Throne Room.

Gold price falls on sluggish demand, weak global cues

New Delhi: Gold price fell by ₹25 to ₹31,090 per 10 gram in tandem with a weak global trend and muted demand from local jewellers, reported PTI. A weak overseas trend when metals’ prices slid to seven-month lows as the dollar rose to a two-week peak, buoyed by safe-haven purchases in the ongoing US-China trade war, influenced the sentiment here, the agency reported.

Gold Rate Today: Gold, silver down in morning trade

Gold and silver were trading lower on Monday morning on account of subdued demand for precious metals from jewellers, industriesNSE -3.72 % and retailers. MCX Gold futures were down 0.14 per cent, or Rs 42, at Rs 30,105 per 10 gram, while MCX Silver futures were down 0.70 per cent, or Rs 277, at Rs 39,058 per 1 kg. Angel Commodities said, “We expect gold prices to trade lower as comments from Fed Chairman Jerome Powell about growth in the US economy are the near term factors for the yellow metal.”

Silver futures soar Rs 76 on firm global cues

New Delhi, Jul 16 (PTI) Silver prices were higher by Rs 76 to Rs 39,122 per kg in futures trading today as participants widened their bets amid a firming trend in precious metals overseas. At the Multi Commodity Exchange, silver for delivery in far-month September was trading higher by Rs 76, or 0.19 per cent, at Rs 39,122 per kg, in a business turnover of 175 lots.

Gold Prices Edge Up From 7-Month Low

BENGALURU, July 16 (Reuters) - Gold prices nudged higher in early trade on Monday amid a softer U.S. dollar and slightly weaker Asian shares, after sliding to their lowest in seven months in the previous session. FUNDAMENTALS * Spot gold was up 0.1 percent at $1,242.01 an ounce at 0103 GMT, after marking the lowest since Dec. 12 at $1,236.58 on Friday. * U.S. gold futures for August delivery were 0.1 percent higher at $1,242.40 an ounce. * The dollar traded below a 10-day peak, hit in the previous session, versus a basket of six major currencies early on Monday * Asian shares were lower on Monday, brushing off a firmer Wall Street lead as investor caution dominated ahead of the release of key Chinese economic data.

Gold Bottom Is Near, $1,400 Coming In 2019 — ABN Amro

(Kitco News) - Gold prices are closing in on a bottom, with a significant recovery coming in 2019, said ABN Amro in its monthly commodity update. The August Comex gold futures ended the week on a sour note, touching a fresh 12-month low on Friday and briefly trading at $1,237.50 an ounce before slightly rebounding to $1,241.40, up 0.02% on the day.

Gold bid in Asia, attempts break above 50-hour MA

Oversold conditions have likely put a bid under gold in Asia, consequently, the yellow metal is flashing green. At press time, gold is flirting with the 50-hour moving average (MA) hurdle of $1,244, having clocked a 2018 low of $1,236 on Friday. The hard currency has dropped 9.45 percent in the last three months on increased prospects of faster Fed tightening and breached a long-term ascending trendline support on Friday.

Gold risk reversals hit 4-month low on rising demand for put options

Gold / Silver / Copper Prices - Weekly Outlook: July 16 - 20

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

India Bullion and Jewellers Association Ltd.
IBJA House, 2nd Agiary Lane, Zaveri Bazar, Mumbai - 400002.

Tel: +91-22 49098950 / 49098960
Fax:+91-22 23427459

©2015 Company name. All rights reserved.

www.ibja.co | www.iibsummit.in | www.ibjawards.in | www.ibjafashionshow.in | info@ibja.in