21st September, 2017

Daily Market Rates

India A.M. (21-09-17)

999 Gold - Rs. 29,700/-
995 Gold - Rs. 29,550/-
916 Gold - Rs. 27,205/-
750 Gold - Rs. 22,275/-
585 Gold - Rs. 17,375/-
999 Silver - Rs. 39,285/-

 

 

 

 



India P.M. (20-09-17)

999 Gold - Rs.29,950/-
995 Gold - Rs. 29,800/-
916 Gold - Rs. 27,434/-
750 Gold - Rs. 22,463/-
585 Gold - Rs. 17,521/-
999 Silver - Rs. 39,865/-

Daily Gold Market Report

Gold negotiates the first target – Analysis - 21-09-2017Gold price settled around 1299.20 level, which represents 38.2% Fibonacci correction level for the last rise from 1204.81 to 1357.53, and the price still organized inside the minor bearish channel that supports the chances of continuing the decline in the upcoming sessions, to head towards potential visit to the next correctional level at 1281.17. Therefore, the bearish trend will be expected on the intraday basis supported by the EMA50, noting that breaching 1321.49 will stop the expected decline and lead the price to regain its main bullish track again. Expected trading range for today is between 1281.17 support and 1315.00 resistance. Expected trend for today: Bearish

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Gold prices recover on renewed buying; silver surges

Mumbai: Snapping its two-day falling streak, gold prices recovered by Rs110 per 10 grams at the bullion market on Wednesday, tracking a firm trend overseas amid renewed buying by jewellers demand. Silver also rose by Rs410 per kg on good speculative offtake and industrial offtake. Standard gold (99.5 purity) moved up by Rs110 to close at Rs29,800 per 10 grams from Tuesday’s closing level of Rs29,690. Pure gold (99.9 purity) also rose by a similar margin to end at Rs29,950 per 10 grams as against Rs29,840 previously. Silver (.999 fineness) climbed by Rs410 per kg to close at Rs39,865 as compared to Rs39,455 earlier.

Silver futures tumble to Rs. 39,773 per kg

NEW DELHI, SEPT 21: Silver prices tumbled Rs. 474 to Rs. 39,773 per kg at the futures trade as speculators cut holdings amid a weak trend overseas. Silver for delivery in far-month December was trading sharply lower by Rs. 474 or 1.18 per cent at Rs. 39,773 per kg in a business turnover of1 1,110 lots at the Multi Commodity Exchange (MCX). The white metal for delivery in March slumped Rs. 397 or 0.97 per cent to Rs. 40,369 per kg in a business turnover of 106 lots.

Gold futures slide Rs 265 on weak global cues

Gold fell Rs 265 to Rs 29,509 per 10 grams in futures trade today as participants reduced their positions, largely in line with a weak trend overseas. Profit-booking at existing levels also weighed on the yellow metal. At the Multi Commodity Exchange, gold for delivery in October was trading lower by Rs 265 or 0.89 per cent at Rs 29,509 per 10 grams in a business turnover of 1,311 lots.

Gold hits 3-week low; strong dollar, Fed rate hike view weigh

KYC cracker scares gold buyers, sales fall 50% since last month

Gold continues to attract safe haven demand

Spot gold prices made a low of $1,200 per ounce in mid-August, and then rose higher towards $1,360 by September. On the MCX, gold prices rose from Rs 28,500 per 10 grammes in mid-August to Rs 30,500 mark in September.Geopolitical crisis have been at the helm of affairs since the start of the year and the recent rally in gold is a subset of nuclear capabilities of North Korea.

Gold gets a leg-up on festive demand, prices climb

Gold prices today made a turnaround after four days of losses, jumping Rs 150 to Rs 30,750 per 10 grams, taking strength from positive global leads and increased buying by local jewellers. Silver too firmed up by Rs 400 to Rs 40,900 per kg, backed by higher demand from industrial units and coin makers.

SBI clerk mortgages 10 kg of customers’ gold

Sleuths of the Crime Investigation Department (CID) on Wednesday conducted a raid on a private gold loan company located at Machavaram and recovered gold ornaments, weighing about 10.2 kg, from the company. According to sources, Krishna Chaitanya, a clerk in the State Bank of India (SBI), Gayatrinagar Branch, allegedly mortgaged gold ornaments with the private gold loan company, deposited by customers in the bank.

Gold slides below $1,300 after Fed’s rate-hike hint

Gold prices moved sharply lower on Thursday, falling below $1,300 for the first time in September after the Federal Reserve hinted interest rates will go up in December. Gold for December delivery GCZ7, -1.25% slid $18.70, or 1.4%, to $1,297.70 an ounce, setting it on track for its lowest settlement since Aug. 24, according to FactSet data.

Metals: Gold Swings Down After Fed’s Talk of a Rate Increase

Gold prices reversed gains in aftermarket trading Wednesday, after the Federal Reserve kept alive hopes of a third rate increase this year and said it would begin shrinking its bond portfolio next month.

A day for the zama zamas: Illegal gold mining in South Africa

Due to socio-economic problems such as growing unemployment and poverty rates in South Africa, there has been rise in illegal gold mining. The Daily Sun recently released videos showing a little bit of the reality for these underground miners known as ‘zama zamas,’ which in Zulu loosely translates to “those who try to get something from nothing.”

How much gold can I keep at home: Here is what you can legally possess without worrying about taxmen

The festive season is here again and also time to buy gold. After all, buying gold is considered auspicious during such times, and is believed to bring prosperity and good luck going ahead. However, the million-dollar question which many of us often ignore is: How much gold a person can hold or, to make it more explicit, is allowed to hold in the present times in India?

Gold producers struggle as price slides on Fed QE reversal

Shares in Australian gold miners were down on Thursday as the price of the precious metal neared a one-month low after the US central bank said it would start to reverse its crisis-era stimulus programme from next month. The S&P/ASX All Ordinaries Gold Index, which tracks Australian gold miners, was down 3.5 per cent to 4,649.80 from 4,493.40 at the open, touching its lowest point since mid-August.

Weak global cues pull gold futures down to Rs. 29,509

NEW DELHI, SEPT 21: Gold fell Rs. 265 to Rs. 29,509 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 the yellow metal. At the Multi Commodity Exchange, gold for delivery in October was trading lower by Rs. 265 or 0.89 per cent at Rs. 29,509 per 10 grams in a business turnover of 1,311 lots. The metal for delivery in far-month December lost Rs. 263 or 0.88 per cent to Rs. 29,673 per 10 grams in 112 lots.

What Will Fed Decision Do To Gold Prices?

Today is the big day which apparently everyone is waiting for. How will the Fed unwind the balance sheet? The facts are simple. They don’t have to unwind; they can take the bonds to maturity. The only reason for the Fed to unwind would be to create a backdoor rate hike by liquidating bonds in the open market. Lower bond futures create higher interest rates.


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