07th August, 2018

Daily Market Rates

India A.M. (07-08-18)

999 Gold - Rs. 29,665/-
995 Gold - Rs. 29,515/-
916 Gold - Rs. 27,173/-
750 Gold - Rs. 22,249/-
585 Gold - Rs. 17,354/-
999 Silver - Rs. 37,800/-





India P.M. (06-08-18)

999 Gold - Rs. 29,645/-
995 Gold - Rs. 29,495/-
916 Gold - Rs. 27,155/-
750 Gold - Rs. 22,234/-
585 Gold - Rs. 17,342/-
999 Silver - Rs. 37,720/-

Tuesday, August 7

The Reserve Bank of Australia is to announce its benchmark interest rate and publish its rate statement, which outlines economic conditions and the factors affecting the monetary policy decision.

Daily Gold Market Report

Gold price resumes the decline – Analysis - 07-08-2018
Gold price settles around 1210.00 level after the decline that it witnessed yesterday, falling under continuous negative pressure that comes by the EMA50, which supports the continuation of the bearish bias inside the bearish channel that appears on the chart. In general, we will continue to suggest the bearish trend in the upcoming period unless breaching 1220.00 and holding above it, as breaching this level will push the price to test 1236.50 areas and might extend to 1248.00 before any new attempt to decline, noting that the next waited target reaches 1180.55. Expected trading range for today is between 1195.00 support and 1220.00 resistance. Expected trend for today: Bearish

Daily Silver Market Report

Silver price needs a negative motive – Analysis - 07-08-2018
Silver price provided negative trades yesterday, approached the return to the bearish channel, but it shows some bullish bias now affected by stochastic positivity. The EMA50 keeps pressing negatively on the price, to keep the chances valid to continue the bearish trend scenario in the upcoming period, which targets 15.20 followed by 14.77 levels as next main stations, reminding you that the continuation of the expected declince depends on the price stability below 15.50. Expected trading range for today is between 15.10 support and 15.50 resistance. Expected trend for today: Bearish

IBJA announces launch of "Indian Jewellers Week" (IJW) a dream project for manufacturers and wholesalers across India with its first edition at Zaveri Bazaar, Mumbai from 1st to 7th October 2018. IJW ,
the business at your doorstep is organised by Glambox.
Banaye Aasan Jewellery Vyapar

Seasonal Factors Could Bring Back Silver's Shine - Hecht

(Kitco News) - It has been a tough summer for silver, highlighting what has been a disappointing 2018, but one commodity analyst says the precious metal could be close to finding its shine again. In a report published on Seeking Alpha, Andrew Hecht, creator of the Hecht Commodity Report, said that he sees technical signs that silver could be on the verge of a trend shift as the price has been consolidating at the bottom end of its channel for more than last two weeks.

Technical Analyst Sees Silver as 'Oversold'

The picture for silver looks dull and weak, and it has dropped back over the past month or two, like gold, in response to dollar strength. On its latest 14-month chart we can see how, after breaking support in the $16.15 area, it has dropped back to support close to the low of last July, where it is oversold.

Master Candle Breakout on Gold

The Master candle breakout (blue highlight) happened exactly below 1223.48 and the price went to 1219 zone subsequently. This indicates a range play with continuation possibilities. Below 1219, targets are 1215.50 and 1213. 1208.82 is the final daily projected target. However, if we see a spike above 1228.52 (master candle’s high) next targets should be 1232.50 followed by 1238.23.

Gold gains slightly as lower price levels induce buying

BENGALURU (Reuters) - Gold prices rose on Tuesday, propped up by buying after a recent price slump, but a strong dollar and expectations of further interest rate hikes in the United States limited interest in the precious metal. Spot gold was up 0.3 percent at $1,209.20 an ounce at 0332 GMT. U.S. gold futures were flat at $1,217.6 an ounce. “There’s some very light demand from China and Southeast Asia. We’re just seeing some buying ahead of the first technical support around $1,205,” a Sydney-based trader said. Gold prices have declined nearly 12 percent since mid-April, pressured by a stronger U.S. dollar from an ongoing U.S.-China trade dispute and amid expectations of higher interest rates in the United States.

Kolkata DRI seizes 23kg gold worth Rs 6.8 crore, four arrested

The Directorate of Revenue Intelligence seized around 23 kg of gold worth Rs 6.8 crore in Kolkata and arrested four persons in this connection on Saturday. Acting on a tip-off, DRI, Kolkata Zonal Unit, arrested two men and a woman from a Siliguri-bound bus in Dharm-atala.

Gold ticks lower on stronger dollar, speculative selling

CHICAGO/LONDON (Reuters) - Gold prices fell on Monday under pressure as a firmer dollar and expectations for further interest rate hikes by the U.S. Federal Reserve offset U.S. ‘snapback’ sanctions targeting the purchase of precious metals. “Overall the bears remain in control and they continue to increase their short positions - both the net and gross are hitting records,” said Ole Hansen of Saxo Bank. Hedge funds and money managers added 13,931 contracts to their net short position in the week to July 31, bringing it to 41,087 contracts, the biggest since records became publicly available in 2006.

Gold prices crawl up on steady dollar

BENGALURU (Reuters) - Gold prices edged up on a steady U.S. dollar early Tuesday, but expectations for further interest rate hikes in the United States supported the greenback and limited interest in the metal. Spot gold XAU= was up 0.2 percent at $1,208.06 an ounce at 0051 GMT. U.S. gold futures GCcv1 were little changed at $1217.10 an ounce. Asian stocks were largely steady on Tuesday, with worries over the U.S.-China trade conflict offsetting support from earnings-led gains on Wall Street. On Tuesday the pound held near an 11-month low against the dollar reached overnight on worries of a “hard” Brexit for Britain, while simmering U.S.-China trade tensions helped support the greenback.

Gold—even at its lowest levels in 2018—is behaving just as prescribed

Gold’s sharp decline over the past month serves as little surprise to the investors who want the asset to perform in just this fashion—that is, as an alternative to assets perceived as risky, like stocks.

Gold prices rise for third day in row, silver rates gain

New Delhi: Gold prices inched higher by Rs 35 to Rs 30,585 per 10 grams on Monday on continued demand from local jewellers despite a weak trend overseas, reported PTI. Global gold prices pared early gains and steadied amid a firm US dollar, albeit trading above a 17-month low supported by concerns over the US-China trade tensions.

Iranians changing money for gold ahead of US sanctions

Gold prices in Iran are hitting record levels daily as Iranians seek to protect their savings against pending US sanctions that are dragging down the national currency. The White House is on the verge of reinstating sanctions against the Islamic Republic that were lifted following the historic nuclear deal sealed between Tehran and world powers in 2015. President Donald Trump unilaterally withdrew the US from the agreement on May 8.

Gold may hit $1,300 by year end: ICBC

Gold Prices Edge Up, Silver Also Gain Today: Key Things To Know

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