15th December, 2017

Friday, December 15

Japan is to publish data on manufacturing and service sector growth.
BoE Chief Economist Andy Haldane is to speak at an event in Italy.
Canada is to report on manufacturing sales.
The U.S. is to round up the week with data on manufacturing activity in the New York region as well a report on industrial production.

Daily Gold Market Report

Gold around the moving average – Analysis - 15-12-2017
Gold price continues to move around the EMA50, keeping its stability below the key resistance 1263.15, thus, the bearish trend still suggested for the upcoming period, supported by stochastic head downwards on the four hours' time frame, waiting to test 1240.85 level mainly. We remind you that breaking the targeted level will extend Gold price losses to reach the recently recorded low at 1204.81, while breaching 1263.15 will stop the current negative pressure and push the price to recover on the intraday and short term basis. Expected trading range for today is between 1240.00 support and 1265.00 resistance. Expected trend for today: Bearish

Daily Silver Market Report

Silver loses momentum – Analysis - 15-12-2017
Silver price returns to move below 16.00 after the rise that it witnessed in the previous sessions, and stochastic keeps losing the positive momentum clearly on the daily time frame, to form negative motive that we are waiting to push the price to resume the bearish bias in the upcoming sessions, which targets testing 15.49 level mainly. Therefore, we will continue to suggest the bearish trend in the upcoming sessions unless we witnessed clear breach and hold above 16.56. Expected trading range for today is between 15.70 support and 16.05 resistance. Expected trend for today: Bearish

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

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Proposal for Photocard for Hallmarked Jewellery

Go Long Silver, Go Short Gold - BNP Paribas

(Kitco News) - While silver continues to underperform within the precious metals space, analysts say that it remains the metal to watch as it has the most to gain. BNP Paribas, in a note to clients Thursday, recommended buying silver over gold. “According to the factor model, silver is cheap now, while gold is pretty much in line with fair price,” the analysts said. In its strategy recommendation, the bank recommends going long 157 contracts of Silver, SIH8, at $16.05 an ounce and go short 100 contracts of Gold, GCG8, at $1255.00 an ounce.

Profitable Thursday - Last Week's Silver Play Beats BitCoin

We actually picked up some Silver Futures (/SI) as they fell back to $15.85 and that's down $2.15 (12%) since September and our 5% Rule™ says that's a 10% drop with a 20% overshoot and, while that's no guarantee of a bottom (real support comes at $15.50) – it's worth a poke down here as we don't expect the Dollar to pop 94 very easily and Gold (/YG) is testing $1,250, which is good support on the yellow side.

Gold inches up as dollar slips on tax bill worries

December 15, 2017: Gold prices edged higher in Asian trade on Friday, heading for their first weekly gain in four, as the dollar sagged on concerns about the progress of US tax reform. Spot gold was up nearly 0.2 per cent at $1,254.74 an ounce as of 0349 GMT, and has gained 0.5 per cent so far this week. US gold futures were unchanged at $1,257 an ounce. The dollar was down 0.1 per cent at 112.26 yen. “The US dollar is weakening a little and that's benefiting gold,” said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.

Duty cut on gold jewellery unlikely

MUMBAI|KOLKATA: The likely loss of revenue to the Centre, if it were to cut gold import duty and raise proportionately the GST on jewellery, makes the odds on duty reduction highly unlikely at the upcoming Union Budget, according to India Bullion & Jewellers Association (IBJA) and Rajesh Khosla, a consultant to MMTC-Pamp. The comments come in the wake of jewellers speculating a duty cut after commerce secretary Rita Teaotia called for a review of the 10% gold duty.

Gold futures fall to Rs. 28,300 on weak global cues

NEW DELHI, DEC 15: Gold prices declined by Rs. 55 to Rs. 28,300 per 10 grams at the futures trade due to profit-booking by speculators amid a weak global trend. Gold for delivery in far-month April fell Rs. 55 or 0.19 per cent to Rs. 28,300 per 10 grams in a modest business turnover of one lot at the Multi Commodity Exchange. Also, gold for delivery in February was trading down by Rs. 51 or 0.18 per cent at Rs. 28,266 per 10 grams in a business turnover of 145 lots. Globally, gold prices fell 0.22 per cent to $1,252.70 an ounce in New York yesterday.

Gold rises to 1-week high as dollar holds steady

Gold prices hit their highest in a week on Thursday, as the dollar was on the defensive after tumbling in the previous session following the US Federal Reserve's decision on interest rates. The Fed raised benchmark rates for the third time this year as widely expected, but maintained its outlook of three rate increases in 2018 on low inflation concerns. The dollar nursed losses on Thursday after falling on sluggish US November inflation data and as the Fed kept its outlook on interest rates unchanged.

Gold Sees Follow-Through Buying, To Begin To Suggest Market Bottom

(Kitco News) - Gold prices ended the U.S. day session higher Thursday, on important follow-through strength from Wednesday afternoon’s gains. If gold and silver can hold this week’s gains and see some more price upside on Friday, to produce bullish weekly high closes, then such would suggest near-term market bottoms are in place. February Comex gold was last up $8.30 an ounce at $1,256.90. March Comex silver was last up $0.07 at $15.94 an ounce.

Turkey's 'shadowy' gold trade raises questions about Iran's involvement

As Iranian-Turkish businessman Reza Zarrab was telling a New York court about how he devised ways to scuttle sanctions on Iran, shadily documented and hard-to-justify levels of gold trade between Turkey and United Arab Emirates have appeared once again. Before the United States put gold on its list of Iran sanctions, the surge in Turkey’s gold exports to Iran and the UAE was a clear indicator of Turkey paying for its oil and natural gas imports with gold. There is no other way to explain how Turkey’s gold exports to Iran went from $54 million in 2011 to $6.5 billion in 2012.

Glittering run for Bitcoin, but it is not 
the new gold

Many people – rightly or wrongly – don’t trust central banks. They believe these institutions will devalue their wealth by manipulating the value of money to suit the whims of the state. Even worse, the whole “fiat money” set-up depends on people maintaining trust – some would say a blind faith – in the system as a whole. That’s because fiat money isn’t actually backed by anything that is material or real.

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Address : B33, Ansal Chamber 2, Bhikaji Cama Place, RK Puram, New Delhi 110066.
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