13th March, 2018

Tuesday, March 13

Australia is to release a report on business confidence.
The U.S. is to produce data on consumer inflation.
Bank of Canada Governor Stephen Poloz is to speak at an event in Ontario.

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 intraday resistance – Analysis - 13-03-2018
Gold price finds solid resistance at the EMA50, which pushes the price to provide negative trades now, and it might show new test to 1316.48 level before resuming the positive attempts. Until now, the bullish trend scenario still valid for the upcoming period unless breaking 1316.48 level and holding below it, as breaking it will push the price to visit 1301.20 areas before any new attempt to rise, while the expected bullish wave targets begin at 1335.40 followed by 1348.00 on the near term basis. Expected trading range for today is between 1305.00 support and 1340.00 resistance. Expected trend for today: Bullish

Daily Silver Market Report

Silver is stable – Analysis - 13-03-2018
Silver price shows sideways and tight trading, keeping its stability above the key support 16.40, thus, no change to our bullish overview that depends on the stability above the mentioned support, supported by stochastic approach to the oversold areas again, noting that breaching 16.65 will ease the mission of heading towards our next main target at 17.43. Expected trading range for today is between 16.40 support and 16.80 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

Gold/Silver Ratio Signals Massive Silver Rally

Upon completion of the 180-day cycle that began on September 28, 2017, which we published in Seeking Alpha regarding the gold market long-term outlook, it appears that all the short-term targets in the gold market have been met. We have corrected back down to test major support levels in the $1309 to $1317 area before the resumption of the uptrend occurs to complete the long-term targets of 1386 to 1484 . We highly recommend adding to your long positions if gold tests these levels again.

Gold, Silver Lackluster As Investors Shun Safe-Havens

(Kitco News) - Gold and silver prices were ending the U.S. day session modestly weaker Monday. Keener risk appetite in the world marketplace at present is keeping the buyers of the safe-metals squelched. A weaker U.S. dollar index today did allow gold and silver to move off of their daily lows that were scored in early dealings. April Comex gold futures were last down $3.90 an ounce at $1,320.20. May Comex silver was last down $0.083 at $16.525 an ounce.

Gold prices hold steady, silver slides on low offtake

New Delhi: Gold prices held steady at Rs31,450 per 10 gram on Monday in scattered deals even as it weakened overseas. However, silver prices declined by Rs150 to Rs39,500 per kg due to reduced offtake by consuming industries amid a weak trend overseas. Traders attributed the fall in silver prices to a reduced offtake by industrial units and coin makers at the local spot market. Besides, a weak global trend as the dollar held steady after data showed the US economy added a larger-than-expected number of jobs in February, influenced the sentiment.

Gold Rate Today: Gold, silver melt in morning session today

Gold and silver felt the squeeze in morning trade on Tuesday, hurt by subdued demand from jewellers, industries and retailers. MCX Gold futures were lower 0.10 per cent, or Rs 29, at Rs 30,303 per 10 grams at around 10.35 am (IST). MCX Silver futures eased 0.21 per cent, or Rs 80, to Rs 38,675 per kg at around the same time. According to SMC Investments and Advisors, the bullion counter may continue to trade with sideways bias lacking clear direction. Today's US inflation data will be important before the interest rate meeting later in the month.

Funds Hold Pat On Gold, Trim Net Short In Silver

Kitco News) - Large speculators’ net positioning did not change much in gold futures but the net bearish position in silver was scaled back according to the latest data gathered by the Commodity Futures Trading Commission. During the week-long period through March 6 that was covered by the report, Comex April gold rose $16.60 to $1,335.20 an ounce. May silver rose 35 cents to $16.784.

Silver futures remain weak, shed 0.27% on global cues

NEW DELHI: Silver prices drifted further lower by 0.27 per cent to Rs 39,162 per kg in futures trade today as speculators cut positions, tracking a weak trend overseas. At the Multi Commodity Exchange, silver for delivery in far-month July fell by Rs 107, or 0.27 per cent, to Rs 39,162 per kg in a business turnover of 5 lots.Similarly, the white metal for delivery in May contracts was trading lower by Rs 80, or 0.21 per cent, to Rs 38,675 per kg in 442 lots. Analysts said offloading of positions by participants in line with a subdued trend overseas led to the fall in silver prices at futures trade.

Best Yet To Come For Silver In 2018

Investing.com - Silver prices may be down so far this year, but analysts still expect the precious metal to post solid gains and possibly even outperform its more expensive rival gold. Analysts say positive market and economic forces are in place to drive silver higher. The U.S. dollar, which has been weakening for the past year, is expected to fall further. At the same time, inflation, which has recently show signs of a revival, is expected to march higher and may actually become a threat for the first time in a decade.

Gold prices edge higher as dollar sags

US gold futures for April delivery climbed 0.3 per cent to $1,324.50 per ounce. Gold prices inched up on Tuesday as the dollar remained subdued and as investors waited for US consumer price data later in the day to gauge the outlook for inflation and Federal Reserve policy. Fundamentals Spot gold had edged up 0.1 per cent to $1,324.08 per ounce at 0057 GMT. US gold futures for April delivery climbed 0.3 per cent to $1,324.50 per ounce. The dollar index against a basket of six major currencies was flat at 89.900 after shedding about 0.2 per cent overnight. Asian stocks stalled on Tuesday, halting an earlier rally after Wall Street shares lost steam, while the dollar sagged on the back of declining US yields.

Government set to corner P Chidambaram over 20:80 gold import scheme

NEW DELHI: The government has vowed to take action against persons responsible for ‘windfall gains’ to private parties by allowing import of gold under the 20:80 scheme in the last few days of the previous UPA government in 2014, turning up the heat on former finance minister P Chidambaram. Chidambaram had signed the order for the scheme that allowed gold imports by star trading houses (STHs) and premier trading houses (PTHs) if 20% of imports were exported in May 2014.

Gold-Standard Rules Sought by Billion-Euro Bitcoin Broker

Bitcoin should be regulated similar to gold -- which benefits from simpler compliance rules than stocks or bonds -- according to Austria’s biggest broker of the digital token. While cryptocurrency transactions in the European Union above 10,000 euros ($12,310) should be subject to anti-money laundering rules, applying more onerous financial standards could stunt the emerging market for digital cash, the founders of Bitpanda GmbH said.

Equal Parts Of Weak Dollar And Selling Pressure Leave Gold Unchanged

Selling pressure in gold, as well as a strong U.S. dollar, have canceled each other out to leave gold unchanged on the day. As of 3:30 PM Eastern standard time, April gold futures are currently unchanged and trading at $1,324 per ounce. Spot gold is currently fixed at $1,322.90, which is a net loss of $0.20 on the day. According to the Kitco Gold Index, a weakening U.S. dollar is adding $3.40 value today, while selling pressure has resulted in a decline of $3.60.

Gold Could Test $1,300 Before Rallying Again And It’s All Because Of The Fed — TD Securities

Kitco News) - Gold could return back to its $1,300 barrier before going back up to $1,350 later this year, according to TD Securities. “Gold is currently trading around $1,320/oz, with the 10yr yield near 2.9% and the DXY above 90, it appears as though the yellow metal may look to test $1300/oz as we approach the March 21st FOMC meeting,” Bart Melek, head of commodity strategy with TD Securities, said in a note on Monday.

RBI disallows hedging of price risk in gold, gems and precious stones

The Reserve Bank of India has revised its directions on ‘Hedging of Commodity Price Risk and Freight Risk in Overseas Markets’, whereby it has excluded gold, gems and precious stones from the list of commodities whose price risk can be hedged. This development comes in the backdrop of the ₹12,600-crore letter of undertaking (LoU) scam at Punjab National Bank involving fraudulent issue of LoUs by a couple of officials in one of its Mumbai branches in favour of companies in the gems and jewellery trade.

Investors withdraw Rs 773 crore from gold ETFs in FY18 so far

Investors pulled out Rs 94 crore from gold exchange-traded funds (ETFs) in February, taking the total outflows to Rs 773 crore in the first 11 months of 2017-18 mainly due to poor returns and volatility in prices. However, experts believe next financial year can be slightly better for gold ETFs as ongoing uncertainty in the global market might increase the demand for the precious metal. According to the Association of Mutual Funds in India (Amfi) data, a net sum of Rs 94 crore was pulled out from 14 gold-linked ETFs in February, as compared to an outflow of Rs 46 crore in the same month in 2016-17.

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