23rd May, 2018

Daily Market Rates

India A.M. (23-05-18)

999 Gold - Rs. 31,210/-
995 Gold - Rs. 31,060/-
916 Gold - Rs. 28,588/-
750 Gold - Rs. 23,408/-
585 Gold - Rs. 18,258/-
999 Silver - Rs. 40,095/-





India P.M. (22-05-18)

999 Gold - Rs. 31,250/-
995 Gold - Rs. 31,100/-
916 Gold - Rs. 28,625/-
750 Gold - Rs. 23,438/-
585 Gold - Rs. 18,281/-
999 Silver - Rs. 40,175/-

Wednesday, May 24

ECB President Mario Draghi is to speak at an event in Madrid.
The Bank of Canada is to announce its benchmark interest rate and publish a policy statement which outlines economic conditions and the factors affecting the monetary policy decision.
The U.S. is to report on existing home sales.
The Fed is to publish the minutes of its latest policy meeting, giving investors insight into how officials view the economy and their policy options.
Thursday, May 25 The UK is to publish revised data on first quarter growth, as well as preliminary data on business investment.
The U.S. is to publish the weekly report in jobless claims.

Daily Gold Market Report

Gold crawls downwards – Analysis - 23-05-2018
Gold price price declines calmly affected by stochastic negativity and the negative pressure that comes from the EMA50, to support the expectations for the bearish trend continuation on the intraday and short term basis, reminding you that we are waiting for for breaking 1285.90 level to confirm the extension of the bearish wave to 1267.00. Therefore, we will keep preferring the bearish trend in the upcoming sessions unless breaching 1301.20 level and holding with a daily close above it. Expected trading range for today is between 1270.00 support and 1305.00 resistance. Expected trend for today: Bearish

Daily Silver Market Report

Silver keeps fluctuating – Analysis - 23-05-2018
Silver price shows more of the sideways trading and settles near 16.56, keeping the price within the sideways range that appears in the image, and it needs to surpass one of its lines that represented by 16.15 support and 16.80 resistance to detect its targets clearly. To recognize the details of the expected targets from the breach, please review our previous reports. Expected trading range for today is between 16.30 support and 16.70 resistance. Expected trend for today: Sideways

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Gold rises, market eyes US-China trade talks, Fed minutes

Spot gold was up 0.2 per cent at $1,293.53 per ounce, as of 0112 GMT. US gold futures for June delivery were little changed at $1,292.50 per ounce. The dollar index , which measures the greenback against a basket of six major currencies, was almost steady at 93.557. Asian shares edged up on Wednesday but investors were cautious after US President Donald Trump tempered optimism over progress made so far in trade talks between the world's two largest economies.

Strange divergence in gold and oil could spell more gains for stocks

The U.S. dollar's rally is having an unusual effect on the commodities market. Gold prices have fallen as expected, while crude oil has rallied to its highest level in years.

Gold Trades To A Higher Low But Continues To Fall Short Of Brass Ring

Ever since gold broke below $1,300, exactly a week ago today, pricing has remained in an extremely narrow and defined trading range. The relationship between the daily open and closing price has diminished to just a couple of dollars each day. Although prices have dipped below a critical support level (0.618 % retracement) at $1,288, gold has effectively closed above that price point on all occasions.

Expect Gold prices to trade lower: Angel Commodities

On Tuesday, spot gold prices declined marginally by 0.1 percent to close at $1290.9per ounce as the U.S. dollar fell from a five - month high, although risk appetite in the broader financial markets kept the metal's gains in check. The dollar lost momentum after a rally sparked by rising U.S. bond yields and the prospect of a resolution to U.S. - China trade tensions. Capping gains in gold, European shares inched to a near four - month high as an easing of pressure on Italian markets coincided with China's latest move to open its economy to the rest of the world. Gold investors are awaiting the release on Wednesday of the minutes of the U.S. Federal Reserve's latest policy meeting. On the MCX, gold prices closed flat at Rs.31368 per 10 gms.

Gold, Silver See Modest Rebounds As Greenback Backs Off A Bit

(Kitco News) - Gold and silver prices are modestly higher in early-afternoon U.S. trading Tuesday. The metals saw corrective rebounds from recent selling pressure that saw gold hit a five-month low on Monday. If the gold bulls can push and close prices back above the critical $1,300.00 level, then a near-term market bottom would likely be in place. However, upbeat trader and investor risk appetite in the marketplace at present is still making life difficult for the safe-haven metals bulls. June Comex gold futures were last up $2.70 an ounce at $1,293.50. July Comex silver was last up $0.075 at $16.595 an ounce.

Dead-Cat Bounce Or Has Gold Rally Begun?

On Monday, gold reversed smartly from the lows of the day to close higher. The rally brings about the question -- was the move on Monday a dead-cat bounce or has the rally begun? Based on the trade and where gold is now, a case can be made for either.

Nevada Is Among World's Top Five Gold Producers - State Officials

The U.S. state of Nevada is the world’s fifth largest gold producer and the number one gold-pruning state in the U.S., according to the annual 2017 data released by the Nevada Division of Minerals. Nevada is right behind mining giants such as China, Australia, Russia and Canada. Last years data shows that total annual production was at 5.64 million ounces of gold, which is up 3.2% from 2016.

Gold edges up to Rs 31,880; silver reclaims Rs 41K-mark

Gold prices inched up by Rs 5 to Rs 31,880 per 10 grams at the bullion market today, halting its two-day slide due to buying by local jewellers amid a firm trend overseas. Silver also reclaimed the Rs 41,000-mark by surging Rs 340 to Rs 41,100 per kg on the back of increased offtake by industrial units and coin makers.

Gold Production In 30 Years: ‘Supply Will Struggle To Expand,’ Require Higher Prices — WGC

(Kitco News) - The global gold supply “will struggle to expand” over the next 30 years, as new discoveries will be “scant” and costs plenty, the World Gold Council (WGC) said in a collection of essays titled ‘Gold 2048’. New mine supply will be dragged down in the next 30 years by rising discovery and mining costs, the WGC said quoting data provided by the precious metals consultancy Metals Focus.

Physical Gold Demand Better But Not ‘Excellent’ After Price Drop

(Kitco News) - Physical demand for gold has improved on the recent price decline, although traders say it’s still on the soft side and any pickup may not be quantifiable until key nations start releasing their import/export data for May. “It’s better than before, but it’s still not excellent,” said Afshin Nabavi, head of trading at trade house MKS (Switzerland) SA, in an interview with Kitco News.

Gold price opens higher in Hong Kong

HONG KONG, May 23 (Xinhua) -- The gold price in Hong Kong went up 88 Hong Kong dollars to open at 12,110 dollars (about 1,542.68 U.S. dollars) per tael on Wednesday, according to the Chinese Gold and Silver Exchange Society.

Gold Rate Today: Gold flat, silver falls in morning deals

NEW DELHI: Precious metal gold was trading flat with positive bias on Wednesday in the domestic bullion market while silver was trading in the negative zone. MCX Gold futures were trading 0.02 per cent, or Rs 5 higher at Rs 31,113 per 10 grams at 11:13 am (IST), while MCX Silver futures were down 0.12 per cent, or Rs 47, at Rs 40,448 per 1 kg at the same time.

Silver markets rally during the Tuesday session to test significant resistance.

$1,300 Is A ‘Trap Door’ And Here’s How Gold Can Break Out Of It - Mitsubishi

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