11th June, 2018

Daily Market Rates

India A.M. (11-06-18)

999 Gold - Rs. 31,020/-
995 Gold - Rs. 30,870/-
916 Gold - Rs. 28,414/-
750 Gold - Rs. 23,265/-
585 Gold - Rs. 18,147/-
999 Silver - Rs. 40,400/-





India P.M. (08-06-18)

999 Gold - Rs. 40,225/-
995 Gold - Rs. 31,010/-
916 Gold - Rs. 28,543/-
750 Gold - Rs. 23,370/-
585 Gold - Rs. 18,229/-
999 Silver - Rs. 40,225/-

Monday, June 11

The UK is to release data on manufacturing production.

Daily Gold Market Report

Gold price awaits the break – Analysis - 11-06-2018
 Gold price continues to fluctuate within the bearish pennant that appears on the chart, which its support line rises to 1292.50 now, noticing that stochastic reaches the overbought areas now to form negative motive that we are waiting to assist to break the mentioned support. Therefore, our bearish overview will remain valid for today conditioned by the price stability below 1301.20 level, noting that our expected targets begin at 1285.90 and extend to 1267.00 after breaking the previous level. Expected trading range for today is between 1280.00 support and 1310.00 resistance. Expected trend for today: Bearish

Daily Silver Market Report

Silver loses momentum – Analysis - 11-06-2018
Silver price settles near 16.80 resistance, and the price still inside the sideways range that appears on the chart, and we might witness some decline in the upcoming sessions affected by stochastic loss to the bullish momentum. Therefore, we will continue to suggest the sideways move until the price manages to surpass one of the mentioned range’s lines represented by 16.15 support and 16.80 resistance to detect the next short term targets clearly. Expected trading range for today is between 16.45 support and 16.90 resistance. Expected trend for today: Sideways

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Gold / Silver / Copper Prices - Weekly Outlook: June 11 - 15

Gold prices look likely to remain vulnerable ahead of the upcoming Federal Reserve meeting on Wednesday, when it is widely expected to raise interest rates in what would be its second rate hike this year. Expectations for higher interest rates tend to be bearish for gold, which struggles to compete with yield-bearing assets when rates rise. The week will also bring updates on U.S. inflation, retail sales and industrial production. But the yellow metal could find some support from safe haven buying amid heightened trade tensions as markets digest the fallout from a contentious weekend G7 summit meeting in Canada...

Gold falls, silver gains big in morning deals

Gold prices slipped while silver logged big gains in the morning trade on Monday. MCX Gold futures were trading 0.16 per cent, or Rs 50 lower at Rs 31,165 per 10 grams at 11:21 am (IST), while MCX Silver futures were up 0.67 per cent, or Rs 270, at Rs 40,682 per 1 kg at the same time. SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its holdings stood at 828.76 down 3.83 tonnes, from the previous business day...

Gold ticks higher on softer dollar; Fed meetings in focus

Gold prices edged higher in early Asian trade on Monday as the dollar softened ahead of key central bank policy meetings and the US-North Korea summit this week, and as a weekend G7 summit fanned trade war fears. Spot gold was up 0.1 per cent at $1,298.78 per ounce at 0049 GMT. US gold futures for August delivery were nearly unchanged at $1,302.80 per ounce. The dollar index , which measures the greenback against a basket of six major currencies, was down 0.1 per cent at 93.452...

Gold price may hit Rs 34,000 level by Diwali on weak rupee

Gold prices are likely rise up to Rs 34,000 per 10 grams level during Diwali mainly on the back of depreciating rupee and geo-political concerns, according to analysts. Gold prices are likely to hold in the range of Rs 30,000-34,000 per ten grams until Diwali in the domestic market, and internationally the yellow metal might be in $1,260-1,400 an ounce level, Commtrendz Risk Management director Gnanasekar Thiagarajan told PTI here. "Price would have absorbed the effect of rate...

Silver futures spurt to Rs 40,698 per kg

Silver prices soared Rs 286 to Rs 40,698 per kg at the futures trade as speculators widened their bets owing to a firm global trend. At the Multi Commodity Exchange, silver for delivery in July shot up Rs 286 or 0.71 per cent to Rs 40,698 per kg in a business turnover of 253 lots. The white metal for delivery in far-month September was trading higher by Rs 278 or 0.68 per cent at Rs 41,346 per kg in 44 lots. Market analysts said speculative position created by participants, driven by a firm global trend, mainly influenced the futures trade here. Meanwhile, silver rose 0.60 per cent to $16.87 an ounce in Singapore...

Demolition Team Finds Pot Of Gold In Abandoned House

A demolition team called in to tear down an abandoned house in western France this week struck gold -- literally. At the house in the Brittany town of Pont-Aven the workers found a lead container that they initially took for a World War II artillery shell. But then "they shook it and heard the sound of coins," the head of Bat'isol construction company, Laurent Le Bihan, told AFP at the weekend...

Gold Price Forecast: Trade Tensions Limit Downside Potential

A relatively hawkish Federal Reserve statement is likely to underpin the dollar and undermine gold. There will be sharp gains in precious metals at times due to stresses in emerging markets and global trade tensions, although the best strategy looks to be selling rallies amid limited net losses. Although volatility in other asset classes increased during the week, gold was confined to narrow ranges with little overall change for the week as contradictory factors canceled each other out. Overall, gold settled close to $1,300 per ounce, while there was no major shift in speculative positioning according to the latest CFTC data. Read more: Gold Price Forecast: Trade Tensions Limit Downside Potential...

Summer Rally? Gold & Silver To ‘Prosper’ After Yet Another Fed Rate Hike — Eric Sprott

Despite another Federal Reserve rate hike already priced in for Wednesday, the U.S. central bank has “lots of reason” to be concerned, said billionaire precious metals investor and founder of Sprott Inc Eric Sprott, adding that gold and silver will “prosper” following the very likely hike. We could possibly be looking at a summer rally here, according to Sprott, who told the Fed “to bring on” the likely rate hike. “Let’s have that rate increase. Let’s get it over with, here. Because, typically, I don’t think the Fed really could possibly read things as bullish as they might have started the year off thinking. Because it’s really not quite coming together,” he said in a Sprott Money’s Weekly Wrap-Up on Friday. “Housing’s weak, auto’s week, retail sales are nothing special, you’ve got inflation affecting lots of areas… We have lots of reason for the Fed to be expressing concern.”...

LAWRIE WILLIAMS: Gold's Groundhog Days - do not pass $1,300!

Precious metals newsletter writer, Ed Steer, described the activity in the gold market on Thursday in the week past as ‘Groundhog Day’ a reference for those who do not know it to a comedy film where the main protagonist is doomed to repeat the same day over and over again. All based in Punxsutawney, Pennsylvania where the actions of a groundhog brought out of hibernation on February 2nd (a genuine annual event) are said to predict the end of winter (or otherwise). The expression has come to represent repeated activity and has to rank alongside former baseball catcher, manager and coach, Yogi Berra’s ‘its déjà vu all over again’, effectively covering similar territory, as one of the most quoted sayings on repetitive activity...

Bullish Factors For Silver Begin To Mount (SLV)

Next week is the two day FOMC meeting followed by a press conference. Presumably there will be a 25 basis point rate “hike” on Wednesday, June 13th at 2:00 p.m. EST. The markets are giving the odds of a rate hike of over 90%. Why am I mentioning next week for this week’s SD Outlook? The week before the Fed meets, there is generally what can be described as “radio silence” by the Fed. The logic goes like this: The Fed doesn’t want to spook the markets, or have to do circles because the markets don’t interpret an interview/statement “correctly”. So we have basically a silence from the “jawboning”. Thank God. Oh yeah, and good riddance to NY Fed Head Dudley who refuses to answer questions on gold!

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