8th May, 2018

Tuesday, May 8

Australia is to publish data on retail sales.
China is to report on trade figures.
Fed Chair Jerome Powell is to speak at an event in Zurich, Switzerland.
The UK is to release industry data on house price inflation.

Daily Gold Market Report

Gold fails to settle positively – Analysis - 08-05-2018
Gold price ended yesterday’s trading below 1316.48 level, to stop the suggested positive scenario and moves confined between the mentioned resistance and 1301.20 support, and it might witness sideways trading on the intraday basis until managing to surpass one of these levels. The contradiction between stochastic positivity and the EMA50 negativity supports the chances of moving within sideways range, noting that breaching 1316.48 will push the price to start attempts to regain the main bullish trend that its positive targets at 1335.40, while breaking 1301.20 will push the price to visit the next correctional level at 1285.90. Expected trading range for today is between 1300.00 support and 1325.00 resistance. Expected trend for today: Sideways

Daily Silver Market Report

Silver loses momentum – Analysis - 08-05-2018
Silver price did not show any strong move in the previous sessions, to continue fluctuating around 16.56 level, thus, the sideways trading scenario will remain valid until the price manages to breach one of its lines, represented by 16.15 support and 16.80 resistance, noting that the details of the expected targets after the breach are explained in our previous report. Expected trading range for today is between 16.30 support and 16.70 resistance. Expected trend for today: Sideways

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Silver trades sideways near support level

Silver prices gapped up in Monday’s session and failed to sustain the resistance levels of 40,000. Presently, it is trading near the intermediate support level of 39,860. An hourly close below the mentioned level will be negative for silver and prices may drift lower towards 39,600-levels.

Don't Panic Over Silver's Recent Performance, A Major Rally Is Coming - Market Analyst

(Kitco News) - Investors shouldn’t panic about silver’s lackluster performance against gold as the market is following a very familiar pattern according to one market analyst. In a commentary on Seeking Alpha, Victor Dergunov, founder of Albright Investment Group said that history has shown that silver often underperforms gold at the start of a new bull market.Dergunov’s comments come as silver prices continue to hover near the bottom end of a four-month trading range. May silver futures last traded at $16.44 an ounce; meanwhile, June gold futures last traded at $1,313.40 an ounce. Both markets are relatively unchanged on the day.

Gold, Silver Feel Pressure From Strong U.S. Dollar

Kitco News) - Gold and silver prices are weaker in early U.S. trading Monday. A higher U.S. dollar index that scored another four-month high overnight continues to cast a bearish shadow over the precious metals markets. June Comex gold futures were last down $3.20 an ounce at $1,311.40. July Comex silver was last down $0.079 at $16.44 an ounce. World stock markets were mostly firmer overnight. U.S. stock indexes are pointed toward modestly higher openings when the New York day session begins. A lack of risk aversion in the world marketplace is also a bearish element for the safe-haven gold and silver markets.

Gold Rate Today: Gold, silver trade lower in the morning deals

NEW DELHI: Precious metals gold and silver were trading in negative territory in the morning deals on Tuesday. MCX Gold futures were trading 0.07 per cent, or Rs 22 lower at Rs 31,236 per 10 grams at 10:55 am (IST), while MCX Silver futures were down 0.05 per cent, or Rs 21, at Rs 39,890 per 1 kg at the same time. On the global front, gold prices rose slightly on Tuesday, after easing in the previous session, as the dollar held steady after marking a fresh 2018 peak.

Gold inches up as dollar holds steady

Gold prices rose slightly on Tuesday, after easing in the previous session, as the dollar held steady after marking a fresh 2018 peak. Spot gold rose 0.1 per cent to $1,315.24 per ounce at 0051 GMT. US gold futures for June delivery were up 0.1 per cent at $1,315.80 per ounce. The dollar index , which measures the greenback against a basket of six major currencies, was little changed at 92.697 after hitting its best since December at 92.974 on Monday.

Gold dips as dollar index climbs back towards 2018 peak

LONDON: Gold fell on Monday, snapping three days of gains as the dollar index rose back towards its 2018 peak, with the previous session's soft US jobs data doing little to dampen optimism over the world's largest economy. That left traders betting that the Federal Reserve would press ahead with lifting US interest rates this year, potentially cooling interest in gold because it increases the opportunity cost of holding non-yielding assets such as bullion. Spot gold was down 0.1 per cent at $1,313.03 an ounce by 0930 GMT, having touched its highest since April 30 at $1,318.85. US gold futures for June delivery eased by 0.1 per cent to $1,314. The market was thinned by a national holiday in the United Kingdom, which closed trading desks in London.

Myanmar traders to start up gold export, import business

YANGON, May 8 (Xinhua) -- Myanmar's local gold traders are planning to start up gold export and import businesses following the government's announcement of relaxing rules for trading gold products abroad, the official Global New Light of Myanmar reported Tuesday. The export and import of gold and jewellery were permitted by the Ministry of Commerce aiming at eradicating illegal trading as well as earning more revenue for the government and maintaining the market's stability.

TMW introduces digital gold

Bengaluru: Mumbai based digital payments company TMW has launched TMW Gold as a gold buying and selling option for its customers in partnership with SafeGold. Customers can now purchase 24Karat 999.9% purity gold on the TMW application for any price something as low as Re 1. In a note to the press the company said that TMW users can buy the gold and store the gold for up to five years without having to pay only storage fees.

Falling rupee to hurt jewellery demand

KOLKATA: A depreciating rupee is expected to slow down the sale of gem and jewellery at the retail end as prices of diamond and gold are inching up. Jewellers, diamond traders and analysts said that demand is likely to be lower by 4-5 per cent in the second quarter of calendar 2018, compared with the same period last year. Rating agency IcraNSE 0.60 % said on Monday that it expects demand for jewellery growth to weaken by 2-4 per cent for CY2018 owing to higher gold prices, and a subdued financing environment. The industry continues to remain susceptible to the regulatory risks, which has affected both demand and supply, it said.

Gold jewellery demand may fall by 2-4% this year: Icra report

Mumbai: Demand for gold jewellery is likely to decline by 2-4 percent this calender year due to high prices and subdued financing environment, said a report. However, in value terms, the demand for gold jewellery is likely to register a growth of 5-7 percent during the year, rating agency Icra said in its report. "Demand is likely to be affected by 2-4 percent in 2018. Prices of the yellow metal have increased steadily in the last three months, which coupled with lesser number of auspicious days, impacted jewellery demand. Also, financing to the gems and jewellery sector have been under increased scrutiny in the recent months following reporting of fraud by few lenders on their exposures to the sector," said K Srikumar, vice-president, Icra.

Gold, Silver Near Steady Amid Opposing Outside Market Forces

(Kitco News) - Gold and silver prices are trading near unchanged levels in early-afternoon U.S. trading Monday. A higher U.S. dollar index that scored another four-month high today was bearish for the precious metals. However, rallying crude oil prices that hit new 3.5-year highs today were a bullish element for the metals. June Comex gold futures were last down $0.40 an ounce at $1,314.30. July Comex silver was last up $0.001 at $16.52 an ounce.

GOLD JEWELLERY DEMAND MAY FALL THIS YEAR: REPORT

Demand for gold jewellery is likely to decline by 2-4 per cent this calender year due to high prices and subdued financing environment, said a report. However, in value terms, the demand for gold jewellery is likely to register a growth of 5-7 per cent during the year, rating agency Icra said in its report.

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