17th October, 2017

Tuesday, October 17

New Zealand is to release data on consumer inflation.
The Reserve Bank of Australia is to publish the minutes of its latest policy setting meeting.
The UK is to release inflation data. Later in the day, Bank of England Governor Mark Carney is to appear before the Treasury Select Committee, in London.
The ZEW Institute is to report on German economic sentiment.
The euro zone is to release revised inflation data.
The U.S. is to release figures on industrial production and import prices.

Daily Gold Market Report

Gold gathers the positive momentum – Analysis - 17-10-2017
Gold price decline stopped at the EMA50 that formed solid support at 1291.00, to protect the price from suffering more losses, accompanied by stochastic reach to the oversold areas now, to form positive motive that we are waiting to assist to push the price to rise again. Therefore, we expect witnessing positive trading in the upcoming sessions, noting that breaching 1305.00 level will complete forming bullish pattern that has the ability to push the price to surpass our first target at 1321.49 to head towards the previously recorded top at 1357.53, taking into consideration that breaking 1281.17 will put the price under more negative pressure to test 1263.15 before any new attempt to rise. Expected trading range for today is between 1285.00 support and 1310.00 resistance. Expected trend for today: Bullish

Daily Silver Market Report

Silver faces solid resistance – Analysis - 17-10-2017
Silver price finds difficulty to breach 17.43 level, to show some bearish bias and test the support base formed above the breached resistance that appears on chart, noting that the EMA50 meets the mentioned support to add more strength to it, while stochastic negativity interprets the reasons of the current bearish bias. In general, we will continue to suggest the bullish trend in the upcoming period unless breaking 16.56 level and holding below it, noting that breaching 17.43 will confirm opening the way to achieve good gains that start at 18.30 and extend to reach 19.38. Expected trading range for today is between 17.10 support and 17.43 resistance. Expected trend for today: Bullish

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Silver weakens on global cues, gold steady

Silver prices dropped by Rs 100 to Rs 41,400 per kg at the bullion market today due to reduced offtake by industrial units and weak global trends. Gold held steady at Rs 30,850 per 10 gram in scattered deals. Traders attributed the slide in silver prices to negative global cues amid reduced offtake by industrial units.

Gold, Silver Notch 3-Week Highs Then See Some Mild Profit Taking

(Kitco News) - Gold and silver prices ended the U.S. day session weaker and near their daily lows on some normal profit-taking by the shorter-term futures traders. Both markets pushed to three-week highs in earlier trading Monday. Safe-haven demand continues to trickle into gold and silver despite no new, major developments on the geopolitical front. The near-term technical postures for gold and silver suggest still more sideways-to-higher price action for at least the near term. December Comex gold was last down $1.90 an ounce at $1,302.70. December Comex silver was last down $0.036 at $17.37 an ounce.

Dhanteras 2017: Planning to buy gold? Here's how to invest wisely

The festivals of Dhanteras and Diwali are likely to see hectic gold buying. However, as you head to the local jeweller to make the traditional purchase, you would be wondering whether gold is a good investment at this point? Is physical gold the best way to increase your gold holding?

Gold prices hold steady on geopolitical tensions, firm dollar

BENGALURU, OCT 17: Gold prices were mostly steady on Tuesday, pressured by a firmer dollar but supported by worries over geopolitical tensions in West Asia and on the Korean peninsula. Spot gold was little changed at $1,293.24 an ounce at 0344 GMT, while US gold futures for December delivery were down 0.6 per cent at $1,295.2 per ounce. “A lot of the price drivers that are clouding gold prices are really geopolitical tensions rather than fundamentals,” said OCBC analyst Barnabas Gan.

MCX launches commodity options trading with gold on Dhanteras

NEW DELHI: Finance minister Arun Jaitley on Tuesday launched an option’s contract in gold on the Multi Commodity Exchange (MCX) on the auspicious occasion of Dhanteras. Options are an instrument that give the buyer a right to buy or sell an underlined at a present price on a future date. They are of two types: calls (right to buy) and puts (right to sell). According to market experts, options are also a much better hedging instrument as compared to futures for hedgers.

Profit-booking pulls gold futures down to Rs 29,776

NEW DELHI, OCT 17: Gold prices declined by Rs 124 to Rs 29,776 per 10 gram at the futures trade today as participants lightened their positions at prevailing levels amid a weak trend overseas. At the Multi Commodity Exchange, gold for delivery in February next year was trading Rs 124 or 0.41 per cent down at Rs 29,776 per 10 gram with a business turnover of 59 lots. The metal for delivery in December year too fell by Rs 104 or 0.35 per cent to Rs 29,750 per 10 gram in 811 lots.

Happy Dhanteras! But is it really a good day to buy gold?

Gold prices have moved back in vicinity of $1300 per troy ounce after an over 3 per cent decline last month. The yellow metal has perked up amid geopolitical tensions and expectations of higher demand from India. While the momentum has turned positive, gold will struggle to build on the gains with US central bank’s interest rate hike still in the pipeline.

Remain bullish on gold with target of $1350-1380/oz: Motilal Oswal

Over the last 3 months, precious metals have been volatile with gold crossing USD 1,350 last month, but the rally fizzled out towards the end as the dollar bounced back. Geo-political tensions peaked early in month which led to sharp jump in safe haven buying but faded out later as tensions eased. Federal Reserve kept alive chances of December rate hike and the dot-plot indicated 3 more hikes next year.

Planning to buy gold this Dhanteras? Check out these 10 rules you should adhere to while buying the yellow metal

It is that time of the year when people flock to jwelleries to buy gold. Dhanteras, considered an auspicious day to buy the yellow metal, falls tomorrow. Indians have a penchant for gold. Though the precious metal is considered a hedge against inflation, in India it is bought more as jwellery than an investment option. It is only recently that the government started pushing various gold products like bonds in a bid to promote paper currency and reduce black money flow into the sector.

Gold worth ₹98 lakh seized at airport

Gold Breaks Below $1300

Gold struggling while Bitcoin emerges as safe haven

The skyrocketing popularity of bitcoin — it hit an all-time record of $US5000 last week — and other cryptocurrencies has introduced a whole new level of uncertainty to gold’s price movements. In early September, gold approached the $US1350 level, nearly $200 above where it stood last December. Judging by the several dozen gold-market timers I monitor on a daily basis, many started to believe that the metal might ­finally be ready to mount a major advance towards its highest of $US1917.90 an ounce, which it reached in August 2011.

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