17th May, 2018

Daily Market Rates

India A.M. (17-05-18)

999 Gold - Rs. 31,030/-
995 Gold - Rs. 30,880/-
916 Gold - Rs. 28,424/-
750 Gold - Rs. 23,273/-
585 Gold - Rs. 18,153/-
999 Silver - Rs. 39,515/-





India P.M. (16-05-18)

999 Gold - Rs. 31,085/-
995 Gold - Rs. 30,935/-
916 Gold - Rs. 28,474/-
750 Gold - Rs. 23,314/-
585 Gold - Rs. 18,185/-
999 Silver - Rs. 39,385/-

Thursday, May 17

Australia is to publish its latest employment report.
The U.S. is to release the weekly jobless claims report along with data on manufacturing activity in the Philadelphia region.

Daily Gold Market Report

Gold touches the target – Analysis - 17-5-2018
Gold price settles near 1285.90 level, noticing that stochastic loses the positive momentum gradually approaching from the overbought level, reinforcing the chances for resuming the bearish trend on the intraday and short term basis, reminding you that breaking the mentioned level will push the price towards 1267.00 as a next station. Therefore, we keep preferring the bearish trend in the upcoming sessions, supported by the negative pressure that comes from the EMA50, unless breaching 1301.20 then 1316.48 and holding above it. Expected trading range for today is between 1270.00 support and 1305.00 resistance. Expected trend for today: Bearish

Daily Silver Market Report

Silver rises calmly – Analysis - 17-5-2018
Silver price Shows calm positive trading approaching from the EMA50, affected by stochastic positivity that reaches the oversold levels, and the price remains confined within the sideways range that its lines represented by 16.15 support and 16.80 resistance, waiting for visiting this resistance in the upcoming sessions. The sideways bias will remain the dominant until breaching one of the above mentioned levels, reminding you that breaking the support will push the price towards 15.49 directly, while braeching the resistance will lead the price to achieve gains that begin at 17.43 mainly. Expected trading range for today is between 16.15 support and 16.55 resistance. Expected trend for today: Sideways

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Gold, Silver Prices Stabilize After Beatdown

(Kitco News) - Gold and silver prices are steady to slightly up in early-afternoon U.S. trading Tuesday. Earlier in the session, both metals saw follow-through selling pressure after strong losses posted Tuesday. Gold prices hit a five-month low overnight. June Comex gold futures were last up $0.60 an ounce at $1,291.00. July Comex silver was last up $0.081 at $16.35 an ounce. The surging U.S. dollar has been a major factor working against the precious metals market bulls over the past few weeks. The U.S. dollar index hit another five-month high overnight, but had backed off its daily highs as of midday today, which lent just a bit of support to the precious metals.

Gold Rate Today: Gold, silver trade lower in morning deals

NEW DELHI: Precious metals gold and silver were trading in the red in morning deals on Wednesday. MCX Gold futures were trading 0.31 per cent, or Rs 97 lower at Rs 31,078 per 10 grams at 10:58 am (IST), while MCX Silver futures were down 0.35 per cent, or Rs 140, at Rs 39,812 per 1 kg at the same time. SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its holdings stood at 856.17 tonnes, remain unchanged from the previous business day. Holdings of the largest silver-backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 9940.41 tonnes, remain unchanged from the previous business day.

The Crypto Gold Rush

Disclaimer: I am not an expert on cryptocurrency, but I can tell you this much: Neither are most of the people at the Consensus conference at the Hilton Midtown this week. There's another thing. The crypto gold rush is not entirely global. Not yet. Most of the serious money players and developers come from a handful of nations—the U.S., China, Russia, Japan, South Korea and Israel. European money is flowing into projects, with wealth managers putting money into crypto funds. Latin America hasn’t really discovered the blockchain, though Brazil has hopped on the bandwagon and will be the leader there.

Rising rates could have big implications for financial markets, including causing a bear market in gold

Interest rates in the U.S. are at levels not seen in years and that could have massive ramifications across different financial markets, especially for gold, MKM Partners' Michael Darda warned on Wednesday. The benchmark 10-year Treasury note yield rose to its highest level since 2011 this week, while the two-year note yield trades at a level not seen in a decade. Investors have been selling Treasurys amid fears that rising inflation could lead the Federal Reserve to tighten monetary policy faster than the market is expecting.

Gold prices tick up amid weaker dollar

Spot gold had risen 0.25 percent to $1,293.43 per ounce by 0255 GMT, after marking its lowest since Dec. 27 in the previous session at $1,286.20. U.S. gold futures for June delivery were 0.1-percent higher at $1,292.80 per ounce. The dollar slipped versus major rivals on Thursday after it hit a 2018-peak overnight, while the euro hovered near a five-month low on concerns that political developments in Italy could cause wider disruptions in the common currency bloc.

Will Gold Recover from Yesterday’s Dramatic Selloff?

For the first time this year, gold has broken below the key psychological level of $1,300 per ounce. This year began already deeply entrenched in a dynamic rally which took gold pricing from $1,238 per ounce to $1,365 by the end of January. From that point forward, gold staged two rallies attempting to break the previous highs and resistance at $1,365, as well as two corrections challenging the lows and support at $1,300.

‘We Found It All’: Goldcorp Says Mining Reached ‘Peak Gold’; Prices To Hit $1,600

(Kitco News) - All major gold deposits have already been found, said Goldcorp chairman Ian Telfer, adding that mining production can only go downhill from here. “We’re right at peak gold here,” Tefler told the Financial Post on Wednesday. “Gold produced from mines has gone up pretty steadily for 40 years. [But], this year [or next] it will start to go down, or it’s already going down.”

Rising Real Interest Rates Could Push Gold Prices $200 Lower – ANG Traders

(Kitco News) - If history holds true, gold prices could drop $200 as the market adjusts to rising bond yields, according to one trading firm. In a commentary on Seeking Alpha, analysts at ANG Traders said that gold is vulnerable to further weakness in the near-term, with the negative correlation between bond yields and gold reasserting itself in the marketplace.For many analysts, gold’s recent resiliency in the face of rising real interest rates has been a bit of a mystery. However, ANG said that market norms are now prevailing.

Keep buying gold as long as it’s above this key level: Bill Baruch

Gold has stumbled during the past month, but that hasn't made me any less bullish on the precious metal. The commodity has quietly fallen off the radar as it slipped by as much as 5 percent from its peak one month ago. I view this move differently from the rest of the market.

Gold Bulls Concede To Dollar Strength

(Kitco News) - As we discussed over the past week, gold’s lethargic pattern was suggesting risks to the downside. The inability to break above the $1,322 area, coupled with a resurgent dollar, caused bulls to exit the trade. On Friday, gold had the chance to remain in an uptrend, flirting with the $1,322 area, while the euro was attempting to regain the 1.22 euro/dollar level. Both levels failed and when gold lost the $1,307 area early yesterday, stop-loss selling accelerated.

Gold slumps to Rs 32,020; silver falls by Rs 250 per kg

Gold prices dived by Rs 430 to Rs 32,020 per 10 gram at the bullion market today, due to a weak trend overseas amid fall in demand from local jewellers. Silver followed suit and lost Rs 250 to Rs 40,650 per kg due to reduced offtake by industrial units and coin makers.

Gold futures down at Rs 31,112 per 10 gm

Gold prices fell Rs 63 to Rs 31,112 per 10 grams at the futures trade as participants reduced their positions, largely in line with a weak trend overseas. Profit-booking at existing levels also weighed on gold futures.At the Multi Commodity Exchange, gold for delivery in June was trading lower by Rs 63 or 0.20 per cent at Rs 31,112 per 10 grams in a business turnover of 471 lots. Also, the metal for delivery in far-month August shed Rs 52 or 0.17 per cent to Rs 31,370 per 10 grams in 54 lots. 

Gold’s Recent 2% Decline Is a Buying Opportunity – Natixis

Fintech startups strike it rich, sell 1,000 kg of gold in 10 months

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