3rd August, 2017

Daily Market Rates

India A.M. (03-08-17)

999 Gold - Rs. 28,520/-
995 Gold - Rs. 28,370/-
916 Gold - Rs. 26,124/-
750 Gold - Rs. 21,390/-
583 Gold - Rs. 16,684/-
999 Silver - Rs. 37,535/-

 

 

 

 



India P.M. (02-08-17)

999 Gold - Rs.28,580/-
995 Gold - Rs. 28,430/-
916 Gold - Rs. 26,179/-
750 Gold - Rs. 21,435/-
583 Gold - Rs. 16,719/-
999 Silver - Rs. 37,910/-

Thursday, August 3

Australia is to report on the trade balance.
The UK is to release data on service sector activity.
The Bank of England is to announce its latest interest rate decision and publish its meeting minute’s along with its quarterly inflation report. BoE Governor Mark Carney, along with other officials, is to hold a press conference to discuss the inflation report.
The U.S. is to release data on jobless claims, factory orders and the ISM is to publish its non-manufacturing index.

Daily Gold Market Report

Gold begins negatively – Analysis - 03-08-2017
Gold price opens today's trading with clear negativity to retest the previously breched neckline of the inverted head and shoulders' pattern that appears on chart, noticing that the EMA50 provides positive support to the price to protect it from suffering more losses, while stochastic provides shy bullish trend signal on the four hours' time frame. Therefore, these factors encourage us to continue suggesting the bullish trend in the upcoming period, noting that our main targets reach to 1295.37 followed by 1312.00, while holding above 1254.56 represents the most important condition to achieve them. Expected trading range for today is between 1254.00 support and 1280.00 resistance. Expected trend for today: Bullish

14th India International Gold Convention

IBJA in association with SRDC has launched Skill oriented course for Jewellery Manufacturing Techniques (JMT-1).

For Admissions, contact: Kejal 022 49717444

Gold, silver slip on weak global demand

NEW DELHI: Gold and silver were trading in red in morning trade on Thursday on account of subdued demand of precious metals by jewellers, investors and industrials amid weak global cues. MCX Gold was down 0.19 per cent, or Rs 54, at Rs 28,383 per 10 gram, while MCX Silver was down 0.94 per cent, or Rs 358, at Rs 37,758 per 1 kg.

GST roils gold demand as buyers adjust

Gold demand in India, which vies with China as the world’s biggest user, will hold below a five-year average in 2017 as buyers adjust to a new uniform tax regime, according to the World Gold Council. Consumption is seen between 650 and 750 metric tons this year, compared with the annual average of about 850 tons in the previous half decade, P.R. Somasundaram, managing director for India, said in a phone interview. Bullion demand was 666.1 tons last year, and totaled 857.2 tons in 2015..

Current Gold Price: Track current gold rate trends and news

Gold futures decline to Rs. 28,444

Gold Weaker On Profit Taking; U.S. Jobs Report On Deck

(Kitco News) - Gold prices ended the U.S. day session a bit lower Wednesday, on some mild profit taking from recent gains that pushed the market to a six-week high on Tuesday. Bullish “outside markets” today limited selling pressure in the gold and silver markets. The U.S. dollar index was lower and crude oil prices were higher. December Comex gold was last down $2.60 an ounce at $1,276.80. September Comex silver was last down $0.074 at $16.69 an ounce.

Gold bucks weak U.S. dollar to settle marginally lower

Gold prices settled slightly lower on Wednesday, ignoring the weaker dollar, as the precious metal took a breather from its recent rally. Gold for December delivery GCZ7, -0.89% slid $1 to settle at $1,278.40 an ounce. A soft dollar is typically supportive of dollar-denominated assets such as gold. The U.S. Dollar Index DXY, +0.07% shed 0.4% to 92.69. Silver for September delivery SIU7, -1.78% also fell 3 cents, or 0.2%, to settle at $16.733 an ounce.

Ethereum Vs. Tangibleum: Why Cryptocurrencies Can Never Replace Physical Gold

On June 11, 2017, Bitcoin reached its all-time high of $3,025.47… followed by a 27.7% plunge only four days later. By July 12, it had lost a total of $12 billion off its value within a month. Ethereum, another popular cryptocurrency, increased its market share from a mere 5% at the beginning of the year to a breathtaking 30% in June, only to plummet 65% from its record-high by mid-July.

Canvastown residents don't want a bar of proposed gold mine

An American-owned mining company chasing gold in small town New Zealand has residents fearing for their quiet close-knit community. Elect Mining wants to take millions of dollars of the precious metal from a farm in Canvastown, in rural Marlborough, a settlement that got its name from the tents that sprung up during the 1864 gold rush.

There is $300 billion worth of gold locked in the vaults of London

Some 600,000 gold bars, worth nearly $300 billion, are stashed around London. For good measure, there are also a million silver bars in London vaults, adding another $19 billion to the city’s precious metal holdings. Until recently, no one knew exactly how much gold and silver were stored in the vaults of the British capital. But this week, in the name of “transparency,” the London Bullion Market Association (LBMA) published this data for the first time.

Silver futures drop to Rs. 37,785/kg

NEW DELHI, AUG 3: Tracking a weak trend overseas, silver prices drifted lower by 0.87 per cent to Rs. 37,785 per kg at the futures trade today as speculators reduced their exposure. At the Multi Commodity Exchange, silver for delivery in September dropped by Rs. 331 or 0.87 per cent to Rs. 37,785 per kg in a business turnover of 601 lots. On similar lines, the white metal for delivery in December moved down by Rs. 296 or 0.77 per cent to Rs. 38,324 per kg in 17 lots.

Silver imports to Gujarat shoot up by 80%

AHMEDABAD: Increased consumer as well as investor demand coupled with lower prices and higher consumption by industries have significantly pushed up silver imports to Gujarat by 80.33% in 2017. Import of this precious metal has galloped to 87.01 metric tonne (MT) in the first seven months of the current year, which is already higher than 48.25 MT imported during the entire 2016.

Gold rates

Silver rates

India’s Q2 gold demand surges 37%, says World Gold Council

Gold demand in India jumped by 37 to 167.4 tonnes during the second quarter of 2017, buoyed by seasonal demand and improved rural sentiment, the World Gold Council (WGC) said in a report. The demand in the April-June last year stood at 122.1 tonnes, WGC said in its latest Gold Demand Trends report. In value terms also, the demand surged by 32 per cent at ₹ 43,600 crore against ₹ 33,090 crore in the Q2 2016.


IBJA’s Free Privileged Gold Membership

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

India Bullion and Jewellers Association Ltd.
IBJA House, 2nd Agiary Lane, Zaveri Bazar, Mumbai - 400002.

Tel: +91-22 49098950 / 49098960
Fax:+91-22 23427459

©2015 Company name. All rights reserved.

www.ibja.co | www.iibsummit.in | www.ibjawards.in | www.ibjafashionshow.in | info@ibja.in