2nd July, 2018

Monday, July 2

China is to release data on the Caixin manufacturing index.
The UK is to release data on manufacturing activity.
Financial markets in Canada will be closed for a holiday.
In the U.S., the Institute of Supply Management is to publish its manufacturing index.

Daily Gold Market Report

Gold price loses momentum – Analysis - 02-07-2018
Gold price continues to fluctuate around 1250.00 level, which pushes stochastic to lose the positive momentum and start providing negative overlapping signals on the four hours’ time frame, which forms negative motive that we are waiting to push the price to resume the short term bearish trend, which its next target located at 1236.41. Therefore, we will continue to suggest the bearish trend supported by the negative pressure coming by the EMA50, unless breaching 1267.00 and holding above it. Expected trading range for today is between 1236.00 support and 1260.00 resistance. Expected trend for today: Bearish

Daily Silver Market Report

Silver retests – Analysis - 02-07-2018
Silver price retested 16.15 level and keeps its stability below it, which keeps the bearish trend scenario active on the intraday basis, supported by the EMA50, which its next target located at 15.49, reminding you that breaching 16.15 will stop the expected decline and push the price back to the sideways track again. Expected trading range for today is between 15.80 support and 16.25 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

Gold / Silver / Copper Prices - Weekly Outlook: July 2 - 6

Investing.com - Gold prices are likely to remain under pressure this week as traders digest the minutes of the Federal Reserve’s June meeting on Thursday, when markets re-open after Wednesday’s Independence Day holiday. The Fed hiked interest rates in June and signaled for the first time that they could lift rates four times this year, a typically gold-negative factor. On Friday, metals traders will turn their attention to the U.S. employment report for June for an update on the health of the labor market. The report is expected to show that hiring cooled.

Gold prices edge lower as dollar firms

Spot gold was 0.3 percent lower at $1,248.98 an ounce as of 0644 GMT. U.S. gold futures for August delivery were down 0.3 percent at $1,250.20 an ounce. The dollar strengthened against a basket of currencies and extended its gains against the yen to hit a fresh six-week high of 111.06 yen, supported by the relative strength of the U.S. economy and on prospects of further rate hikes from the Federal Reserve. “Monetary policy re-normalization induces the strength in the dollar and with that weakening gold prices,” said Mark To, head of research at Hong Kong’s Wing Fung Financial Group.

GST anniversary: Jewellers expect govt to fix remaining issues

Mumbai: The gems and jewellery industry is expecting the government to sort out few issues, including 3% goods and services tax (GST) on gold import for export purpose, to give a boost to the industry as the new tax regime completes one year of rollout. “Overall, GST has been good for the gems and jewellery export industry, even as there were some teething problems in the initial period,” the Gem and Jewellery Export Promotion Council (GJEPC) vice chairman Colin Shah told PTI. “However, things have settled down after that. Earlier, we had to pay Octrai, VAT and customs duties, not we just have GST, which is simple and presents less of paper work,” he added.

Gold, silver prices drop today amid easing demand

New Delhi: Gold prices fell by Rs 170 to Rs 31,480 per 10 grams on Friday on weak global cues and easing demand in local markets, reported PTI. Moreover, a recovery in the rupee from record lows against the US dollar also put pressure on domestic gold prices. Globally, gold prices recovered from six-month lows amid a weaker dollar, but analysts warned that more weakness was likely in the metal. In Delhi, gold of 99.9% and 99.5% purity softened by Rs 170 each to Rs 31,480 and Rs 31,330 per 10 grams, respectively.

Gold ends losing streak, but suffers 5.5% quarterly decline

Gold sellers came up for air as the highflying dollar index paused its run on Friday and the metal largely held its early gain even after government data showed a preferred inflation gauge under watch at the Federal Reserve hit the central bank’s 2% target in May. It’s a data point that could keep up the argument for additional interest-rate hikes this year, a typically gold-negative factor.

Switzerland chooses gold bullion over paper wealth backed by US dollar

“The Swiss government Pension System decided to change from paper gold in the amount of 700 million CHF into physical gold and store it in Switzerland. The 700 million only stands for 2 percent of the total assets, but it is quite a surprise that they do this,” Claudio Grass, an independent precious metals advisor and Mises Ambassador told RT.com.

Price drop spurs India gold demand, buyers eye bigger dips

MUMBAI/BENGALURU (Reuters) - Gold demand improved this week in India as prices fell to their lowest level in nearly three months, while demand elsewhere in Asia remained tepid as investors waited for prices to fall further. Gold futures in India were trading at around 30,419 rupees ($444.4) per 10 grams by 1010 GMT on Friday, after falling to 30,365 rupees earlier in the day, the lowest level since April 5. “There is modest rise in demand from jewellers, but still gold is trading at a discount,” said Harshad Ajmera, the proprietor of JJ Gold House, a wholesaler in the eastern Indian city of Kolkata.

Gold Rate Today: Gold flat, silver drops in morning trade

NEW DELHI: Precious metals gold and silver were trading mixed in the late morning deals on Monday. MCX Gold futures were trading 0.05 per cent, or Rs 14 lower at Rs 30,418 per 10 grams at 11:20 am (IST), while MCX Silver futures were down 0.40 per cent, or Rs 156, at Rs 39,072 per 1 kg at the same time.GoldGold Technical Charts SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its holdings stood at 819.04 up 1.47 tonnes, from the previous business day. Holdings of the largest silver-backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10029.81 up 64.39 tonnes, from the previous business day.

Commodity Corner: Gold, silver prices decline on strong US dollar

Gold and silver prices continued to decline after strong US dollar. Gold was in a worst quarterly performance since 2015 and prices have declined by nearly 8 percent in the last three months. Silver prices are also just holding at Rs 39,000. After six percent gains in the previous week, crude oil prices are trading more than a percentage point down. Markets are looking at an expectation that Organisation of the Petroleum Exporting Countries (OPEC), Saudi Arabia and Russia may be looking at an increase in their own output on their individual capacity.

Spot gold edges down to $1,251

Gold prices edged down in early Asian trade on Monday as the dollar firmed up, changing direction from Friday when the metal rose for the first time in five sessions. Spot gold was down 0.1 per cent at $1,250.95 an ounce as of 0116 GMT. It had gained about 0.4 per cent on Friday. US gold futures were 0.1 per cent lower at $1,252.70 an ounce. The dollar index, which measures the greenback against a basket of six major currencies, climbed 0.1 per cent to 94.701.

Gold Price Forecast: Weak Corrective Gains, Defensive Support Still Lacking

Gold prices to trade lower today: Angel Commodities

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

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