19th September, 2017

Daily Gold Market Report

Gold approaches from the target – Analysis - 19-09-2017
Gold price settles around 1307.00 level since yesterday, and the price declined clearly to approach from our main waited target at 1299.20, reminding you that this level represents 38.2% Fibonacci correction level for the rise measured from 1204.81 to 1357.53, which means that breaking it will push the price to head towards 1281.17 direct. The organized trading inside the intraday bearish channel that appears on chart supports the chances of continuing the decline in the upcoming period, to keep the negative scenario valid and suggested unless the price managed to rally upwards to braech 1324.00 level and hold with a daily close above it. Expected trading range for today is between 1290.00 support and 1321.00 resistance. Expected trend for today: Bearish

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Gold up as dollar eases, markets eye Fed meet

Gold traded up from its lowest in over two weeks as the dollar shed some of its gains from the previous session, with market focus on a two-day US Federal Reserve meeting that kicks off later on Tuesday. Spot gold was up 0.2% at USD 1,308.86 an ounce by 0044 GMT, after dropping to its lowest level since August 31 at USD 1,304.10 in the previous session. US gold futures for December delivery up 0.1% to USD 1,312.60 an ounce...

Gold drops to Rs 30,700; silver down at Rs 41,200 per kg

Gold prices dropped by Rs 150 to Rs 30,700 per 10 grams at the bullion market today, extendind their fall for a third day, due to muted demand and weak global cues. Silver prices too fell further by Rs 200 to Rs 41,200 per kg due to reduced offtake by industrial units and coin makers. Traders said a weak trend overseas as rising dollar eroded the appeal for precious metals as safe haven investment influenced prices at the domestic market. The dollar gained on expectations of tightening of monetary policy by the US Federal Reserve at the two-day meeting beginning tomorrow, they added...

Gold, silver inch higher ahead of US Fed meet

Gold and silver edged higher in morning trade on Tuesday ahead of a two-day Federal Reserve meeting that kicks off later in the day. MCX Gold was trading 0.08 per cent up at Rs 29,570 per 10 gram around 10.50 am (IST), while MCX Silver was up 0.12 per cent at Rs 39,810 per 1 kg at around the same time. Angel Commodities said, “Dollar index has started its course of strengthening and consolidation in the past few trading sessions and although the meeting of the US Fed...

Silver Price Forecast September 19, 2017, Technical Analysis

Gold imports rise three-fold to
 $15 bn.

Gold Tumbles Most Since July (As Bitcoin Bounces)

Gold is down over 1% this morning, extending recent weakness to 3-week lows on the basis that the world didn't end (and the debt ceiling was extended) we presume. Notably, both USDJPY and Bitcoin are mirroring the precious metal's move... It seems gold's stop-run over the election night highs prompted the reversal...

OPEC AND IEA LIFT CRUDE, TRUMP'S DEAL-MAKING HITS PRECIOUS METALS

WTI crude prices strengthened for the third week in a row amid increased demand growth expectations, OPEC discipline and the restart of refining capacity post Hurricane Harvey. Zinc prices remained slightly bid, despite a correction in the base metals complex, as tighter fundamentals kept buying interest in the metal. Copper retreated from highs not seen since September 2014...

India's Gold Bar Imports Surged 40% in August

The gold bar imports by India have recorded sharp rise in August this year. This is in accordance with the latest trade statistics published by the country’s Gems and Jewellery Export Promotion Council (GJEPC). However, cumulative gold bar imports during the initial eight-month period of the year registered notable decline. Meantime, silver bar imports surged higher significantly during the month...

Most Investors Won’t Be Buying Gold And Silver Until AFTER Big Gains Occur

Physical demand for bullion rounds, coins, and bars remains somewhat soft in the US. This year’s run higher in prices as well as rising geopolitical tensions has whet the appetites of some investors, but it has not yet triggered broad participation. With strong gains both this year and last, metals prices have been responding to a host of issues – from unrestrained federal borrowing to the prospect of nuclear exchange. But they haven’t moved up as much as many expect...

Silver Seems To Be On Downward Voyage

Silver futures seem to be on a voyage toward lower trading zones with cooling geopolitics. But, every downward move may witness a bout of buying from time to time due to fear of sudden turn in geopolitics at any time. The situation seems be turning from hot to luke warm, though not cooling down completely...
 

VAT IN UAE: All that glitters is... taxable (will that apply in the UAE?)

The UAE's gems and jewellery sector plays a massive role in the country's economy, with over 20 per cent of the world volume of sales of precious metals accounted for by Dubai alone. Official statistics show that the gold trade through the UAE in particular was valued at $31.6 billion (Dh116.1 billion) at the end of the third quarter of 2016, making it the second-biggest contributor to Dubai's non-oil foreign trade. According to the World Gold Council (WGC), India is one of the largest gold jewellery exporters in the world. In FY 2015-16, Indian gold jewellery shipments came to $8.6 billion, with around half delivered to India's largest jewellery export destination, the UAE...

Gold Demand within the Chinese Gold Market

In China, nearly all physical gold supply flows through the Shanghai Gold Exchange (SGE). Likewise, nearly all gold demand in China is met by physical gold withdrawals from the Shanghai Gold Exchange’s nationwide network of precious metals storage vaults. Therefore, using the broadest definition of gold demand, SGE gold withdrawals are a suitable proxy for overall gold demand in China...

Big Trouble For The Silver Market If Mexico Monetizes Its Silver Libertad Coin

Recently, there was a debate in the Mexican Congress on the proposal to monetize the Silver Libertad Coin. The debate took place during a forum for “The Promotion of Savings for Mexicans.” If Mexico decided to monetize its Silver Libertad Coin, it could have a severe impact on the silver market and price. How much of an impact would the monetization of the Mexican Silver Libertad have on the market? There could be serious ramifications if we consider the vast amount of silver consumed by the minting of Mexican silver coins in the past...

Man robbed of gold on train

A passenger was robbed of gold bangles on the Mumbai-Thiruvananthapuram Netravati Express by a gang of robbers near Surathkal on Monday. According to the Padubidri police, Rajendra Singh working for a jewellery company in Mumbai had, in his complaint, said that he was woken up in his sleeper class compartment, S-7, and his suitcase containing gold bangles was taken away, after he was threatened with a knife and pistol by the gang. The robbers then escaped at the Surathkal railway station. The gold taken away weighed about 4.11 kg. The incident took place early in the morning. Mr. Singh was going from Panvel to Thiruvananthapuram. A case has been registered at the Padubidri police station and investigation is on, the police said...

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