6th March, 2018

Tuesday, March 6

Australia is to release data on retail sales and the current account.
The Reserve Bank of Australia is to announce its benchmark interest rate and publish a rate statement which outlines economic conditions and the factors affecting the monetary policy 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 gets a positive signal – Analysis - 06-03-2018
Gold price begins today’s trading positively after the decline that it witnessed on yesterday’s evening, as it kept its stability above 1316.48, noticing that stochastic provides clear positive signal to motivate the price to provide more positive trading in the upcoming sessions. Therefore, we will continue to suggest the bullish trend on the intraday and short term basis conditioned by the stability above 1316.48, noting that our main targets begin at 1335.40 and extend to 1365.97 after breaching the previous level. Expected trading range for today is between 1310.00 support and 1340.00 resistance. Expected trend for today: Bullish

Daily Silver Market Report

Silver tests the support again – Analysis - 06-03-2018
Silver price continues to fluctuate at the bullish trend line that appears on the chart, getting positive signals through stochastic, to keep the expected bullish trend valid as it is without any change, waiting to breach 16.65 level to ease the mission of heading towards our next target at 17.43. We should note that breaking 16.35 will stop the expected rise and push the price to visit 15.49 level before any new attempt to rise. Expected trading range for today is between 16.30 support and 16.75 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

Pause on gold savings schemes

KOLKATA: Some jewellers offering monthly gold savings schemes have stopped enrolling new customers in view of a proposed ban on unregulated deposit collection plans, while others are waiting for clarity before discontinuing them. The Union Cabinet approved the Banning of Unregulated Deposit Schemes Bill, 2018, for introduction in Parliament in February after rising instances of people being defrauded by illicit deposit-taking schemes. It has to be seen whether these gold savings schemes fall under the Ponzi scheme category, said the India Bullion & Jewellers Association, which asked members to take steps before the bill becomes law. “Acceptance and repayment of gold as deposit is clear violation of section 269SS and 269T of the Income Tax Act and it attracts 100 per cent penalty,” said Surendra Mehta, national secretary of the association. “Now, the jewellers must gear up to repay unregulated rupee deposits accepted by them before the new bill on prohibition of acceptance of unregulated deposits is notified.”

Silver Hit by Heaviest Bearish Betting in 15 Years, Gold Prices Unmoved by Italy's 'Messy' Election

GOLD PRICES held onto last week's closing level Monday morning in London as the weekend's national elections in Italy – the Eurozone's third largest economy – gave no clear winner overall, writes Steffen Grosshauser at BullionVault. Analysts and traders were further worried by US President Donald Trump's open declaration of a "trade war", with commodity prices slipping and major government bonds rising.

Funds Trim Gold Net Long, Build Record Silver Net Short

Editor's Note: Gold and silver has been, at best, a frustrating trade. Exclusive to Kitco News, expert trader, Todd "Bubba" Horwitz, chief market strategist and founder of 'Bubba Trading provides a strategy investors can use in a range-bound gold price environment. Sign up before March 10 for the Kitco News Weekly Rundown newsletter to receive Horwitz's exclusive report and trading strategy.

Can Co-ordinated Global Economic Growth Finally give Silver the much Deserved Boost?

For good reasons, silver is known as the poor man’s gold. Always the cheaper metal, silver’s price has been falling relative to gold ever since reaching an all-time nominal high of $49.80 in April 2011. Currently, it would take around 80 ounces of silver to buy one ounce of gold. By comparison, the long-term average since the early 1970s is just 58 ounces of silver to buy an ounce of gold, illustrating how undervalued silver is right now on a relative basis. Adjusted for inflation, silver’s long-term average price over that period has been $21.35, again considerably undervalued with 2017’s average price of $17.07. Reversion to the mean in both relative and absolute terms is one argument for higher prices over the longer term. Another is that, unlike gold, silver has a significant base of industrial offtake and could benefit from stronger physical demand in a world of synchronised growth.

Silver futures gain 0.26% on overseas trend

NEW DELHI: Taking positive cues from overseas markets, silver prices moved up by 0.26 per cent to Rs 38,730 per kg in futures trade today as participants raised their bets. At the Multi Commodity Exchange, silver for delivery in May rose by Rs 99, or 0.26 per cent, to Rs 38,730 per kg in business turnover of 218 lots.Likewise, the white metal for delivery in July contracts was trading higher by Rs 58, or 0.15 per cent, to Rs 39,190 per kg in 4 lots.

Gold prices gain on softer dollar due to trade war fears

Gold prices edged up on Tuesday on a softer dollar and as investors covered short positions amid jitters about a global trade war due to US President Donald Trump's plan to impose steel and aluminum tariffs. Spot gold was trading up 0.2 per cent at $1,322.55 per ounce at 0341 GMT, while US gold futures for April delivery rose 0.3 per cent to $1,323.30 an ounce. The dollar index , which measures the greenback against a basket of major currencies, eased 0.2 per cent. The dollar tumbled to 16-month lows against the safe-haven yen late last week as concerns about a trade war gripped markets after Trump announced his plan for steel and aluminium tariffs.

Chidambaram aided Nirav Modi, Choksi with 80:20 gold import scheme, alleges BJP

The Bharatiya Janata Party (BJP) also targeted Congress chief Rahul Gandhi and sought answers from him on the issue. Amid attacks from the Congress over the Rs. 12,600-crore PNB scam, the BJP on Monday accused former Finance Minister P. Chidambaram of aiding jewellers Mehul Choksi and Nirav Modi -- main accused in the multi-crore bank fraud case -- through an 80:20 gold import scheme.The Bharatiya Janata Party (BJP) also targeted Congress chief Rahul Gandhi and sought answers from him on the issue.

Gold price today in India: Yellow metal at Rs 30,410 per 10 grams, silver at Rs 38,693

Gold price today in India for 24 karat is Rs 30,410 per 10 grams and for 22 karat is Rs 27,876 per 10 grams. According to GoldPriceIndia.com, price in Chennai for 24 karat (999 purity) was at Rs 30,666 and for 22 karat it was Rs29,216. Prices in Mumbai for 999 purity gold was Rs 31,517 and for 22 karat at Rs 30,017, while the price in in Delhi for 24 karat was

A Foolish Take: Is Bitcoin the New Gold?

Bitcoin has taken the investing world by storm. Proponents argue that bitcoin is a better store of value than U.S. dollars or even safe-haven commodities like gold. Those who follow bitcoin will notice the parallels with the yellow metal. You can mine bitcoin just like you can mine gold, and while governments can issue as much currency as they choose, there's only a fixed amount of bitcoin that will ever exist, just as there's only so much gold on the planet. People have even gone so far as to talk about the "gold rush" toward bitcoin, and most of the symbolic physical representations of cryptocurrency tokens have them cast in shiny gold-colored coins.

A Second Chance For Gold In March

Just when it looked like gold's support was gone, back comes the safety bid as the fear factor returned last week. Renewed concerns over domestic trade policy and its possible impact on the U.S. economy put gold back into the spotlight last Friday. In today's comments I'll make the case for an upside resolution to gold's lateral trend at some point in March. We'll also examine some factors which would boost the odds of a gold turnaround this month in our latest discussion of the near-term outlook.

Gold, silver rebound on renewed demand, global cues

Mumbai, Mar 5 (PTI) Gold prices today rebounded by Rs 285 to end a three-day slide at the bullion market here on fresh buying by jewellery stockists and retailers amid firm overseas cues. Silver also regained its lost ground by climbing Rs 465 per kg due to robust industrial demand. Standard gold (99.5 purity) shot up by Rs 285 to finish at Rs 30,515 per 10 grams from last Thursdays closing level of Rs 30,230.

Funds Trim Gold Net Long, Build Record Silver Net Short

Kitco News) - Large speculators trimmed their bullish gold position and now have their largest bearish net positioning ever in silver, based on the latest reporting week for data compiled by the Commodity Futures Trading Commission. The net-short, or bearish, positioning in silver stood at a record high as of the Feb. 27 cut-off date for the most recent CFTC statistics, pointed out commodities brokerage SP Angel and Commerzbank.

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