8th January, 2018

Daily Market Rates

India A.M. (08-01-18)

999 Gold - Rs. 29,615/-
995 Gold - Rs. 29,465/-
916 Gold - Rs. 27,127/-
750 Gold - Rs. 22,211/-
585 Gold - Rs. 17,325/-
999 Silver - Rs. 38,655/-

India P.M. (05-01-18)

999 Gold - Rs. 29,575/-
995 Gold - Rs. 29,425/-
916 Gold - Rs. 27,090/-
750 Gold - Rs. 22,181/-
585 Gold - Rs. 17,301/-
999 Silver - Rs. 38,725/-

Monday, January 8

Financial markets in Japan will remain closed for a holiday.
The UK is to release an industry report on house price inflation.
The Bank of Canada is to publish its quarterly business outlook survey.
Meanwhile Atlanta Federal head Raphael Bostic and San Francisco Fed head John Williams are both due to deliver remarks.

Daily Gold Market Report

Gold negotiates the key resistance – Analysis - 08-01-2018
Gold price fluctuates around 1321.49 level without managing to breach it until now, while the EMA50 keeps providing the positive support to the price, which keeps the chances valid to continue the rise in the upcoming sessions, waiting to confirm breaching the mentioned level to rally towards the previously recorded top at 1357.53. Therefore, we will continue to suggest the bullish trend unless breaking 1299.20 level and holding below it, as breaking this level will push the price to return to the correctional bearish track again, which its next target located at 1281.17. Expected trading range for today is between 1310.00 support and 1335.00 resistance. Expected trend for today: Bullish

Daily Silver Market Report

Silver awaits the breach – Analysis - 08-01-2018
The tight track continues to dominate Silver price trades, which moves around 17.20 level, thus, no change to the bullish trend scenario that depends on holding above 16.55 level, supported by the EMA50 that carries the price from below, noting that our main targets begin by breaching 17.43 level to confirm opening the way to head towards 18.30 as a next main station. Expected trading range for today is between 17.00 support and 17.42 resistance. Expected trend for today: Bullish

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

For Admissions, contact: Kejal 022 49717444

Proposal for Photocard for Hallmarked Jewellery

India Bullion & Jewellers Association Ltd & MCX-IPF in association with AOSC Present “Risk Management in Commodities via Futures & Options”

Gold / Silver / Copper Prices - Weekly Outlook: January 8 - 12

Investing.com - Gold prices edged lower in choppy trade on Friday as investors took profits after the metal’s rally to three-and-a-half month highs earlier in the week and as the dollar pushed higher despite a weaker-than-expected U.S. jobs report for December. Gold futures for February delivery settled down 0.11% at $1,320.20 on the Comex division of the New York Mercantile Exchange. For the week, the precious metal was still up 0.99%, its fourth consecutive weekly gain.

Huge silver deposit discovered in Inner Mongolia

Chinese media is reporting that a large deposit of silver has been found in the autonomous region of Inner Mongolia. According to Xinhua, the state-owned news agency, the deposit contains over 100 million tonnes of silver ore. It wasn't clear from the media report whether that number refers to resources or reserves, but it must be resources, since Chinese silver reserves currently only stand at 39,000 tonnes, states the US Geological Survey. The deposit is located in Shuangjianzi Mountain in Inner Mongolia. Accurate mining statistics are notoriously difficult to pin down from China, which often inflates them.

Gold rate today: Gold, silver down in early trade

NEW DELHI: Gold and silver were trading marginally in red in morning deals on Monday on account of subdued demand for precious metals from jewellers, industries and retailers. MCX Gold futures were trading 0.03 per cent down at Rs 29,209 at around 10.50 am (IST), while MCX Silver futures were down 0.13 per cent at Rs 39,201 per 1 kg at around the same time.

Silver futures fall 0.35% to Rs 39,581 per kg

New Delhi, Jan 8 (PTI) Taking cues from overseas markets, silver prices dropped Rs 139 to Rs 39,581 per kg in futures trade today. Profit-booking at existing levels by speculators also weighed on prices. At the Multi Commodity Exchange, silver for delivery in far-month May fell Rs 139, or 0.35 per cent, to Rs 39,581 per kg in a business turnover of 44 lots.

China just discovered over 110 million tons of Silver

BEIJING – A deposit with more than 110 million tons of silver was discovered in the autonomous region of Inner Mongolia, in northern China, the local department of Land and Natural Resources said on Saturday. The mine is located in the Shuangjianzi Mountain, and it is very much possible that there are more deposits in the depths and surroundings of the place, the Xinhua reported.

Gold prices firm amid higher US rate hike environment

Gold prices held steady on early Monday, below 3-1/2-month highs hit last week, amid expectations of more US interest rate hikes this year. Spot gold was mostly unchanged at $1,322.73 an ounce at 0059 GMT. Last week, prices touched their highest since Sept. 15 at $1,325.86.

How to take loan against gold

Banks can provide quick finance to customers against the security of gold (in the form of jewellery or otherwise). The amount of loan that can be sanctioned depends upon factors such as purity of gold, form (bars or jewellery), tenure of loan etc.The amount of loan depends upon the kind of security that is deposited in the form of gold and the applicant's repayment capacity. Coins and bars offer higher value than jewellery. Typically up to 60% of the value of gold is offered after valuation.

Gold producers edge lower as commodity rally cools

Australian gold producers dropped on Monday as last week’s commodity rally showed signs of cooling. The ASX All Ordinaries Gold index dropped as much as 1 per cent in early trading before pulling back to be down 0.6 per cent on the day later in the session, but still 1.5 per cent off a more than one year high reached on January 3. The price of gold gained 0.1 per cent to $1,321.52 an ounce on Monday. The move came after the price of gold hit a four-month high of $1,325.86 an ounce on Thursday.

Temple under scanner over missing gold

The Idol Wing of the Crime Branch CID has asked the Hindu Religious and Charitable Endowment (HR&CE) officials at the Ekambaranathar temple in Kancheepuram to provide details on more than 100 kg of gold collected from the public for the consecration of the Somaskandar idols.

VAT and higher prices suck glitter out of gold

All the glitter has gone out of the UAE’s gold and jewellery sales since the start of the year, with leading retailers confirming sales declines — in volume terms — by more than half of what it used to be in the fourth quarter of 2017. Average daily sales are now at about 500g to 1kg of gold (including in jewellery format) as against the 2-3kg before the New Year.

Latest UAE gold prices: Bullion nears four-month high

Dubai: Gold jewellery prices soared higher on the first trading day of the week, hitting their highest level since late last year. Unfavourable economic data in the US failed to stop spot gold from rising to as much as $1,322.13 an ounce on Monday, the highest level the precious metal has reached in nearly four months. Gold had risen to a peak of $1,334.34 last 15 September 2017.

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