20th March, 2018

Tuesday, March 20

The Reserve Bank of Australia is to publish the minutes of its latest policy setting meeting.
Australia is also to publish data on house price inflation.
The UK is to publish data on inflation.
The ZEW Institute is to report on German economic sentiment.
The G20 summit in Buenos Aires is to continue for a second day.

Daily Gold Market Report

Gold loses momentum – Analysis - 20-03-2018
Gold price closed yesterday’s trading below 1316.48, and the price falls under the negative pressure formed by the EMA50, noticing that stochastic provides clear negative signals now. Therefore, these factors encourage us to keep our bearish overview that its next target located at 1301.20, noting that breaching 1323.50 will stop the expected decline and push the price into its main bullish track again. Expected trading range for today is between 1290.00 support and 1325.00 resistance. Expected trend for today: Bearish

Daily Silver Market Report

Silver is stable – Analysis - 20-03-2018
Silver price settles below the broken bullish trend line, thus, the negative pressure still valid until now, supported by the EMA50 that pushes the price downwards, waiting to target 15.49 level mainly. We should note that breaching 16.56 will stop the expected decline and lead the price to head towards 17.43 as a first positive target. Expected trading range for today is between 16.00 support and 16.45 resistance. Expected trend for today: Bearish

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Gold Rate Today: Gold, silver trade lower ahead of US Fed meet

Gold and silver were trading lower in the morning trade on Tuesday following strong dollar and US Federal Reserve’s policy meeting that kicks off later in the day. MCX Gold futures were trading 0.33 per cent, or Rs 100, down at Rs 30,318 per 1 kg at around 11 am (IST), while MCX Silver futures were down 0.34 per cent, or Rs 130, at Rs 38390 per 1 kg at around the same time. SPDR Gold Trust GLD, the world’s largest gold-backed exchange-traded fund, said its latest holdings stood at 850.84 tonnes, up 10.62 tonnes, from previous business day.

Silver futures fall 0.21% on overseas cues

Silver prices fell 0.21 per cent to Rs 38,277 a kg in futures trade today as speculators cut positions amid a weak trend overseas. At the Multi Commodity Exchange, silver for delivery in May moved down by Rs 81, or 0.21 per cent, to Rs 38,277 a kg in business turnover of 131 lots. Analysts said cutting down of positions by participants in line with a weak trend overseas led to the fall in futures.

Gold off two-week lows ahead of Fed meet

(Reuters) - Gold was firm on Tuesday, having recovered from over a two-week low hit in the previous session, as traders waited to gauge the path of U.S. monetary policy for the rest of the year from the two-day Federal Reserve meeting that kicks off later in the day. Spot gold was flat at $1,316.44 per ounce at 0353 GMT. In the previous session, it touched $1,307.51 an ounce, its lowest since March 1. U.S. gold futures for April delivery dropped 0.1 percent to $1,316.10 per ounce. “While the market has all but factored-in a rate hike, the focus will remain on the commentary and whether Fed Chair Jerome Powell hints at further rate hikes in 2018,” ANZ analysts said in a note.

Absence of GST refund mechanism hits gold demand from tourists, NRIs

KOLKATA: Foreign tourists and NRIs visiting India are not investing in gold jewellery like before as there is no mechanism to refund the GST on their purchase which they are otherwise entitled to claim, bullion traders and jewellers said. The Integrated Goods and Services Tax Act of 2017 allows a foreign national or an NRI, who enters India for a stay of less than six months, to claim GST refund when he leaves India.

Gold Stages A Swift Recovery

Last night, gold prices traded lower overseas. Moving to a two-week low Monday morning in European trading, gold dropped to $1,307.50. Concerns about the outcome of this month’s FOMC meeting, which begins tomorrow and concludes on Wednesday, was a significant contributing factor to the selloff. The nervousness behind the lower pricing in gold was primarily based on the belief that the Fed will announce the first-rate hike of the year. The countdown to the FOMC meeting as of 3:51 PM Eastern standard time is at: 1 day, 19 hours, 9 minutes, and counting.

Fed Could Drop Its ‘Hawkish Instincts’ And Help Gold Break Out

(Kitco News) - There is a chance that the Federal Reserve might keep its “hawkish instincts” at bay on Wednesday, allowing gold to break out from its narrow trading range, TD Securities said in a report. “The probability of another rate hike is being priced at nearly 100%,” head of commodity strategy at TD Securities Bart Melek said in a report published on Monday. “Given the current equity market weakness, recent lackluster economic data and trade war rhetoric getting louder, we judge that a hawkish tone is not … warranted at this time.”

No proposal to review gold import policy, says government

NEW DELHI: The government said today that there is no proposal to review the gold imports policy as inbound shipments of the metal have remained high. "At present, there is no proposal to review the gold import policy," Minister of State for Commerce and Industry C R Chaudhary said in a written reply to the Lok Sabha.

Gold prices lose sheen on subdued global cues, muted demand

New Delhi: Gold prices declined by Rs110 to Rs31,180 per 10 grams at the bullion market, tracking a weak trend overseas amid slackened demand from local jewellers. Silver prices also slipped below the Rs39,000-mark by falling Rs150 to Rs38,950 per kg due to reduced offtake by industrial units and coin makers.

Gold Bulls Duck And Cover Ahead Of FOMC Meeting

(Kitco News) - The latest trade data from the Commodity Futures Trading Commission revealed that hedge funds continued to reduce their exposure to gold because of an increased the risk of aggressive action from the Federal Reserve, according to some analysts.

Alio Gold Agrees To Acquire Rye Patch Gold

Alio Gold Inc. (TSX: ALO; NYSE AMERICAN: ALO) will acquire Nevada-based producer Rye Patch Gold Corp. (TSXV: RPM) under an agreement announced Monday. Each common share of Rye Patch will be exchanged for 0.48 share of Alio Gold, with the offer implying C$1.57 per Rye Patch share, a 35% premium to Rye Patch shareholders, based on the 20-day volume-weighted average trading price of Alio Gold shares on the TSX and Rye Patch shares on the TSXV for the period ending March 16, the companies report.

Four men posing as cops rob jeweller of 10 kg gold

Four unidentified armed men who posed as policemen allegedly robbed a Mumbai-based jeweller of 10 kg gold on Sunday night, the police said on Monday. The incident took place at an underpass near Sahibabad railway station, the police added. Rohit Jain, owner of a jewellery shop in Mumbai, was returning from Meerut with his friend Krishna and driver Ramashish.

Gold price in India today: 24 karat metal sees uptick, while 22 karat plunges

Price of yellow metal in India witnessed a mixed trend, as 24 karat gold in various gram recorded uptick, while 22 karat gold in various grams saw a decline. The trend in Indian gold prices were surprising as the global gold was trading firm, recovering from over a two-week low. Traders, however, have been waiting for the US monetary policy for the rest of the year as the two-day Federal Reserve meeting kicks off later in the day.

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