18th September, 2017

Daily Gold Market Report

Gold breaks the support – Analysis - 18-09-2017
Gold price broke 1321.49 and closed the daily candlestick below it, which opens the way to extend the correctional bearish wave on the short term basis, to head towards testing 38.2% Fibonacci correction level at 1299.20. Therefore, the bearish bias will be suggested for today supported by the negative pressure formed by the EMA50, organized inside the correctional bearish channel that appears on chart, taking into consideration that breaching 1328.80 will stop the expected decline and lead the price to regain the main bullish track again. Expected trading range for today is between 1299.20 support and 1328.80 resistance. Expected trend for today: Bearish

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Gold, silver drop in morning trade

Gold was trading in red in morning trade following firm dollar and rising equity markets. Hopes of monetary policy tightening ahead of the US Federal Reserve meeting further weighed on metal. MCX Gold was down 0.41 per cent, or Rs 122, at Rs 29,734 per 10 gram 10.45 am (IST), meanwhile MCX Silver was down 0.38 per cent, or Rs 154, at Rs 40660 per 1 kg.

Silver futures slide on weak global trend

New Delhi, Sep 18 Silver prices drifted lower by 0.43 per cent to Rs 40,638 per kg in futures market today, tracking a weak trend overseas. At the Multi Commodity Exchange, silver for delivery in December fell by Rs 176 or 0.43 per cent to Rs 40,638 per kg in business turnover of 1,259 lots. The white metal for delivery in March next year was trading lower by Rs 144 or 0.35 per cent to Rs 41,239 per kg in 53 lots.

With gold prices hitting 11-month high, is it time to invest in the yellow metal?

When Kim Jong-Un, the Supreme Leader of North Korea, pressed the button that detonated a hydrogen bomb last fortnight, gold traders around the world must have rejoiced, since gold usually does well during geopolitical turmoil. International gold prices reached an 11-month high of $1,335 last week. But can we expect the rally to continue? Most experts don't expect a big upward move from current levels. Here's why.

Gold may be kept out of future trade pacts

Gold slips to two-week low ahead of Fed meet

Low inflation phase not for realty, gold; hence investors rushing to equity: Ashwini Agarwal, Ashmore Investment

It is a liquidity game right now. The domestic investor is obviously very excited about the long-term potential that they see in equities at this point in time, long term returns have been very, very strong in India. You have financial savings which have nowhere to go. Real investment opportunities are fairly limited. So, obviously, the liquidity story will continue to play out for some time and it is not only true in India, it is true globally.

Gold imports jump three-fold to $15 bn in April-August

Gold imports jump three-fold to $15 bn in April-August The country's gold imports recorded a three-fold jump to USD 15.24 billion during the April-August period of the current fiscal, commerce ministry data showed. Gold imports, which has a bearing on the country's current account deficit (CAD), stood at USD 5.08 billion in April-August 2016-17.

Pressure on gold producers as investors focus on interest rates

An index for Australian gold miners was down as much as 1.5 per cent on Monday as investors’ attention shifted from North Korea to the increased likelihood of interest rate rises. The S&P/ASX All Ordinaries Gold Index, which was was near a five month high on September 6, fell to as low as 4,591.80 from 4,658.50 in early trading on Monday.

Gold nanoparticles form mirror that can be switched on and off

To generate metamaterials with unusual optical properties not found in nature, scientists have used nanoscale building blocks like metal nanoparticles. But tuning those optical properties in real time has been challenging. Researchers at Imperial College London have now created a switchable liquid mirror with gold nanoparticles. Changing the voltage makes the device flip between being a reflective mirror and a transparent window.

Kalgoorlie gold miners rally against royalty hike

A THOUSAND gold industry members have gathered at a rally in Western Australia’s mining capital Kalgoorlie to protest the McGowan government's proposed gold royalties increase. The new Labor government has proposed an increase in the gold royalty rate from 2.5 per cent to 3.75 per cent , when the spot price eclipses $A1200 per ounce ($US969.70/oz), as part of a raft of measures in its first state budget meant to claw back revenue.

Commodities - Gold Falls In Asia As NKorea Risk At Bay, Copper Jumps

Investing.com - Gold prices fell in Asia on Monday as investors moved away from risk trades on North Korea tensions, but copper staged gains as housing data from China showed countinued gains for prices albeit at a slower pace that the previous month. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange fell 19%, to $1,322,62 a troy ounce. Copper futures on the Comex rose 0.81% to 2.976 a pound China reported house prices data for August rose 8.3%, compared with a 9.7% increase seen in July.

Will gold shine brightly again this autumn as bitcoin crashes?

Gold’s been up more than $100 since I last wrote about the precious metal three months ago. It’s not been trading around current levels for almost four years and the recent $1,350 an ounce high was an important chart breakout ending a bear market. In June I wrote about the many forces propelling gold prices to beat the S&P 500 so far this year, most critically a weakening US dollar and unpredictable new US president.

Gold futures decline to Rs. 29,736

NEW DELHI, SEPT 18: Gold prices softened by 0.4 per cent to Rs. 29,736 per 10 gram at the futures trade as traders trimmed their bets amid weak global cues. At the Multi Commodity Exchange, gold for delivery in October declined by Rs. 120 or 0.4 per cent to Rs. 29,736 per ten gram in a business turnover of 1,016 lots. Similarly, the metal for delivery in far-month December was trading lower by Rs. 119 or 0.40 per cent at Rs. 29,870 per ten gram in 90 lots.

Global gold prices slip to two-week low ahead of US Fed meet

Gold prices slipped to its lowest level in over two weeks on Monday as equities rallied and the dollar firmed, while prospects of monetary policy tightening in the US ahead of a Federal Reserve meeting also weighed on the metal. Spot gold was down 0.2% at $1,317.00 an ounce, as of 09.53am. Earlier in the session, it hit $1,315.10, its lowest since 31 August. US gold futures for December delivery fell 0.3% to $1,321.10 an ounce.

VAT IN UAE: Dubai to remain city of gold

Dubai will continue to shine as the 'city of gold' and its position as a preferred destination for gold and jewellery purchase would not be affected by the implementation of value added tax (VAT), industry experts and jewellery retailers said. However, jewellery sales could witness a modest fall in the short term that would gradually recover as soon as consumers get used to VAT, they said.

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