31st January, 2018

Wednesday, January 31

Australia is to release inflation data.
China is to publish report on manufacturing and service sector activity.
The euro zone is to produce preliminary data on inflation for January.
Germany is to report on retail sales. Canada is to release its monthly GDP report.
The U.S. is to release the ADP nonfarm payrolls report, as well as a report on manufacturing activity in the Chicago region and data on pending home sales.
The Federal Reserve is to announce its latest monetary policy decision and publish its rate statement, which outlines economic conditions and the factors affecting the decision.

India International Bullion Summit 2018 (IIBS 5) to be held on 15th March, 2018 at Hotel Sahara Star, Mumbai. Registration Form is now live! Click on the link  and get yourself  registered today.

Daily Gold Market Report

Gold faces solid support – Analysis - 31-01-2018
Gold price finds difficulty to break 1335.40 level until now, to show some slight bullish bias now, noticing that the EMA50 forms intraday resistance against the price current positive attempts. In general, we continue to suggest the coorectional bearish trend domination unless breaching 1353.00 level and holding above it, as breaching this level will push the price back to its main bullish track, while breaking 1335.40 represents the key to confirm rallying towards 1316.48 as a next correctional target. Expected trading range for today is between 1325.00 support and 1353.00 resistance. Expected trend for today: Bearish

Silver near the support – Analysis - 31-01-2018

Silver price returns to decline and trade near the minor bullish channel’s support line that appears on the chart, and the price needs to break this level – located at 16.95 – to confirm the continuation of the decline towards 16.56. Until now, the bearish trend scenario still valid as long as 17.43 level remains intact, supported by the negative signal that appears on stochastic, noting that breaching 17.43 will stop the expected decline and push the price to achieve positive targets that begin at 18.30. Expected trading range for today is between 16.90 support and 17.25 resistance. Expected trend for today: Bearish

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Silver futures climb by Rs 99 per kg

Silver prices rose Rs 99 to Rs 39,771 per kg at the futures trade as participants created positions owing to a firm trend in precious metals overseas. At the multi commodity exchange, silver for delivery in May was up by Rs 99 or 0.25 per cent at Rs 39,771 per kg at the Multi Commodity Exchange in a business turnover of 9 lots. Likewise, the white metal for delivery in March spurted Rs 95 or 0.24 per cent to Rs 39,218 per kg in 424 lots.

126 sovereigns of gold, 8 lakh cash, 2.5 kg silver recovered

In a major catch in the recent past, the Madurai city police recovered 126 sovereigns of gold jewels, Rs 8 lakh in cash, a canon camera and silver articles and items weighing 2.5 kilograms and arrested two persons on Tuesday.Following complaints of burglaries, Inspector General and Commissioner of Police Mahesh Kumar Aggarwal had formed special teams.

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Gold inches up as dollar eases ahead of Fed decision

Gold treads water ahead of Trump speech, Fed meeting

Gold marked time early on Wednesday amid a firm dollar and rising bond yields as markets waited for US President Donald Trump's annual State of the Union address and the outcome of the Federal Reserve's two-day meeting. Fundamentals Spot gold was little changed at $1,337.60 per ounce at 0114 GMT. US gold futures were up 0.2 per cent at $1,337.60 per ounce. Gold prices have risen 2.8 per cent so far this month, their best month since August, largely due to weakness in the dollar. The dollar remains on track for its biggest monthly decline since March 2016.

Gold edges up to Rs 30,114 on firm global cues

Gold prices rose Rs 62 to Rs 30,114 per 10 grams at the futures trade as speculators raised bets amid a firm trend overseas. At the Multi Commodity Exchange, gold for delivery in February rose Rs 62 or 0.21 per cent to Rs 30,114 per 10 grams in a business turnover of 472 lots. Similarly, the yellow metal for delivery in April was trading higher by Rs 41 or 0.14 per cent at Rs 30,026 per 10 grams in 159 lots.

Gold futures fall to Rs 29,969

Gold prices drifted lower by 0.3 per cent to Rs 29,969 per 10 grams at the futures trade as speculators indulged in profit-booking at prevailing levels amid a weak trend overseas. At the Multi Commodity Exchange, gold for delivery in February was trading lower by Rs 91 or 0.3 per cent at Rs 29,969 per 10 grams in a business turnover of 421 lots. Similarly, the metal for delivery in April fell Rs 73 or 0.24 per cent to Rs 29,927 per 10 grams in 128 lots.

Indian gold demand wanes as jewellers expect import tax cut in Budget

Gold prices in India, the world's second-biggest user of the precious metal, were at discounts as jewellers were postponing purchases on the expectation that the government will announce an import tax cut in its annual budget on Thursday.

Two men arrested for 2010 Florida museum gold bar heist

MIAMI, Fla. (Reuters) - Two men have been arrested on federal theft charges accusing them of stealing a 17th-century gold bar from a Key West, Florida, museum more than seven years after the treasure valued at $550,000 disappeared. Jarred Alexander Goldman, 32, and Richard Steven Johnson, 41, made initial court appearances on Tuesday, a day after their arrests, Annette Lima, a Justice Department spokeswoman in the Southern District of Florida, said in an email.

Gold Price Chart Looks ‘About To Break Higher’ — Bond King Jeffrey Gundlach

The gold price chart is going to break higher, says famed investor and “Bond King” Jeffrey Gundlach, who believes that commodities are one of the best buys in 2018. “The gold chart looks a lot like the commodity chart, like it’s pacing out, about to break higher. And with the dollar getting weaker, I think you stay with that systematic positioning. I’ve been recommending gold for a couple of years,” DoubleLine Capital CEO Gundlach said during Tuesday’s webcast dedicated to discussing DoubleLine Strategic Commodity Fund.

Gold, Silver Succumb To Follow-Through Selling Pressure

(Kitco News) - Gold and silver markets could not hold modest early gains and were ending the U.S. day session weaker Tuesday, on some follow-through selling from Monday’s losses. A weaker U.S. dollar index limited selling pressure in the metals. However, the USDX was well up from its overnight low during the U.S. day session. Lower crude oil prices today also weighed on the precious metals markets. April Comex gold futures were last down $3.50 an ounce at $1,341.50. March Comex silver was last down $0.037 at $17.09 an ounce.

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