4th August, 2017

Daily Market Rates

India A.M. (04-08-17)

999 Gold - Rs. 28,680/-
995 Gold - Rs. 28,530/-
916 Gold - Rs. 26,271/-
750 Gold - Rs. 21,510/-
583 Gold - Rs. 16,778/-
999 Silver - Rs. 37,975/-





India P.M. (03-08-17)

999 Gold - Rs.28,550/-
995 Gold - Rs. 28,400/-
916 Gold - Rs. 26,152/-
750 Gold - Rs. 21,413/-
583 Gold - Rs. 16,702/-
999 Silver - Rs. 37,525/-

Friday, August 4

The RBA is to publish its latest monetary policy statement, while Australia is to release data on retail sales.
Both Canada and the U.S. are to round up the week with data on trade and both countries are also set to release their monthly employment reports.

Daily Gold Market Report

Gold resumes the positive attempts – Analysis - 04-08-2017
Gold price provided positive trading after the temporary decline that the price witnessed yesterday, to keep the positive effect of the inverted head and shoulders' pattern active, reminding you that the full target of this pattern surpasses 1295.37 barrier to reach 1312.00. Therefore, we will continue to suggest the bullish trend on the intraday and short term basis supported by the EMA50, reminding you that holding above 1254.56 represents key condition to achieve the suggested targets, as breaking this level will push the price to test 1229.32 areas before any new attempt to rise. 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 trade mixed in morning deals

NEW DELHI: Gold was trading in red in morning trade on Friday on account of subdued demand of precious metal by jewellers, investors and retailers. MCX Gold was down by Rs 37 at Rs 28,450 per 10 gram around 11 am (IST), while MCX Silver was up Rs 103 at Rs 38,130 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..

Gold steady near 7-week highs ahead of US jobs data

Gold regains lost lustre in Apr-Jun

Spot gold may test support at $1,264

SINGAPORE, Aug 4 (Reuters) - Spot gold may test a support at $1,264 per ounce, a break below which could cause a further loss to the next support at $1,258. For a chart: http://tmsnrt.rs/2hs6zNH These supports are identified respectively as the 14.6 percent and the 23.6 percent Fibonacci retracements of a five-wave cycle from the July 10 low of $1,204.45 to the Aug. 1 high of $1,273.97.

No GST on traditional Rakhi; 5% tax on gold, silver rakhis

NEW DELHI: Rakhi, the sacred thread that women tie on the wrist of their brothers on the day of Raksha Bandhan, will not attract the goods and services tax (GST) provided it's the traditional cotton thread. However, gold and silver rakhis will be taxed 5%. The finance ministry has said puja samagri, including holy red thread 'kalava', would attract nil GST. Thus, rakhi, which is in the form of kalava, would be exempted.

Today Gold Price: Track today gold rate latest trends and news

Gold on Friday held steady near seven-week highs hit earlier this week, as the dollar eased to hover near multi-month lows ahead of key monthly US non-farm payrolls data later in the day.

Court denies bail in gold theft case at IGIA

A special court has refused to grant bail to a Central Excise Department superintendent in a case of alleged theft of gold from the Department’s vaults at the Indira Gandhi International Airports (IGIA) here. Special Judge Rakesh Pandit denied bail to Sanjiv Kumar saying that he might hamper the ongoing probe which is at a crucial stage. A Metropolitan Magistrate Court had earlier dismissed Mr. Kumar’s bail plea.

Gold Weaker Ahead Of Friday's U.S. Jobs Report

(Kitco News) - Gold prices were ending the U.S. day session modestly lower Thursday. Some normal profit taking by the shorter-term futures traders was featured after gold prices hit a six-week high earlier this week. Some traders were on the sidelines ahead of Friday morning’s key U.S. jobs report. December Comex gold was last down $4.30 an ounce at $1,274.10. September Comex silver was last down $0.103 at $16.625 an ounce.

Surprise! Gold Prices Have Beaten The Market So Far This Century

The yellow metal responded to a struggling U.S. dollar, which has lost more than 10% so far this year relative to other currencies and is currently at a 15-month low. The dollar could very well continue to slide on additional political uncertainty surrounding President Donald Trump and his administration. This would mean further upside for gold and gold stocks.

Gold falls to Rs. 29,430; silver down at Rs. 38,700 per kg

NEW DELHI, AUG 3: Gold prices dipped by Rs. 20 to Rs. 29,430 per 10 gram at the bullion market today on weak cues from global market and sluggish demand from local jewellers. Silver followed suit and lost Rs. 480 to Rs. 38,700 per kg due to reduced offtake by industrial units and coin makers. Traders said besides a weak trend overseas, tepid demand from local jewellers and retailers at the domestic spot market mainly dampened the trading sentiment.

Gold Price Prediction for August 4, 2017

Gold prices moved higher bouncing off of support near the 10-day moving average at 1,261. The ECB bulletin shows that the ECB believes monetary accommodation will be necessary but supportive financing conditions were positive which buoyed the Euro. Resistance on the yellow metal is seen near the June highs at 1,296. Positive momentum has decelerated, as the MACD (moving average convergence divergence) histogram prints in the black with a declining trajectory which points to consolidation.

Gold prices to trade lower: Angel Commodities

Market roundup | Funds are losing their appetite for gold

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

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