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Showing posts with label india. Show all posts
Showing posts with label india. Show all posts

Saturday, 15 April 2017

Akshaya Tritiya’ a day for GOLD?

India is probably the only country where a religious day is linked to a practice of gold buying. It is the Akshaya Tritiya festival day and we are talking tons of gold here. According to estimates, Indian consumers bought about 20 tonnes of the precious metal on this festive day in 2010. However this was much lower than the buy in 2009 due to soaring prices. India, the world's largest consumer of the yellow metal, bought some 45 tonnes of Gold in 2009. So what makes Akshaya Tritiya a day for GOLD?

For Indians buying gold is a popular activity on Akshaya Tritiya day, as it is the ultimate symbol of wealth and prosperity. This year the date of Akshaya Tritiya is Saturday, 29th April. This day is important to both Hindus and Jains. According to the traditional panchang Akshaya Tritiya falls on the third day (Tritiya) of the new moon of Vaishakh month (April-May) every year.





Akshaya in Sanskrit means one that ‘never diminishes’ (a—kshaya) and the day is believed to bring good luck and success. Hindus believe they can get lasting prosperity by buying precious metals on the day. Akshaya Tritiya is traditionally earmarked for beginning new ventures, for investing and purchasing valuables especially gold, jewellery and diamond. It is no surprise Indians buy gold on Akshaya Tritiya as it is considered very auspicious and a safe investment. It is also believed that any meaningful activity started on this day would be fruitful.

We all know that 2011 was the best performing year for gold wherein the yellow metal gave highest returns compared to all assets in it class.

Economically this day is quite productive for marketers as they cash in on the festivity to boost their sales. Marketers indulge in high voltage advertisement campaigns especially the jewellery stores. In fact people in India and overseas book jewellery in advance and take delivery on Akshaya Tritiya day. It’s a day of frenzy buying for all precious metals especially gold. Sales on Akshaya Tritiya day usually increases four to five times compared to normal days. Traditionally the preference for customers is to buy light-weight jewellery, diamond jewellery but today’s economic superpower India sees several buyers preferring diamond jewellery purchases.

India is a secular country and each religion has its own story behind the celebrating Akshaya Tritiya and buying gold on this auspicious occasion.

Let’s have a brief look at the different stories behind each celebration.

According to Hindu astrology, the entire Akshaya Tritiya day is auspicious. So there is no need to look for an auspicious time i.e. no ‘Muhurat’ required on this day. This is the only day in any year when the Sun which is the lord of the planets and Moon which is the lord of creativity are in exaltation meaning at their peak of radiance. Astrologically this is extremely auspicious. That also makes this day one of the most popular dates in Hindu calendar for marriages and partnerships.

Glance through the annals of ancient Indian heritage and one finds that on this Tritiya day of Vaishakh month many significant things of great spiritual importance happened. According to Jain legends, this day is auspicious as people from Ayodhya bought gold and jewellery to offer to their Tirthankara Rshabhdev who was the King of Ayodhya centuries ago. Jains, even today, observe long term fast to commemorate their first Tirthankara Rishabhdev and break their fast on Akshaya Tritiya day with sugar cane juice as Rishabhdeva broke his fast with that juice after 1 year.

According to the ancient Hindu religious texts like the Puranas, this day marked the beginning of the "SatyaYug" or the Golden Age - the first of the four Yugas. It is believe that on this day Lord Krishna gave Draupadi a bowl - Akshaya patara (where food came in abundance) when the Pandavas were in exile. Traditionally this third day in the bright fortnight of Vaishakh is also the day of the sixth incarnation of Lord Vishnu ~ the ‘preserving’ manifestation of God in the Hindu Trinity.

On this day of Akshaya Tritiya, Maharishi Veda Vyas along with Lord Ganesha started writing the great epic Mahabharata. It is also the day the most sacred river of the Hindus, Ganga descended to earth. On this day Sudama visited his childhood buddy Lord Krishna with a hearty gift of a handful of beaten rice (poha). The good returns (prasad) he got in return for his devotion to the Lord is a classical story told in Hindu households. On such a day associated with Lord Krishna the story of Sudama’s offering is mentioned along with Lord Krishna’s affirmation in his Holy Gita ~ "Whoever offers a leaf, a flower, a fruit or even water with devotion, that I accept, offered as it is with a loving heart ".

Thus, many are the reasons for Akshaya Tritiya to be considered a wish fulfilling day. Any worship performed or daan (donation) given on this day is considered extremely good karma. Good karma is considered meritorious and is supposed to bestow beneficial results.

Akshaya Tritiya Muhurat to Buy Gold

April 28, 2017 (Friday) - 10:29 to 29:46+
Auspicious Choghadiya timings between 10:29 to 29:46+
Morning Muhurat (Char, Labh, Amrit) = 10:29 - 10:41
Afternoon Muhurta (Shubh) = 12:19 - 13:57
Afternoon Muhurta (Char) = 17:13 - 18:51
Night Muhurta (Labh) = 21:34 - 22:56
Night Muhurta (Shubh, Amrit, Char) =
24:18+ - 28:24+
Akshaya Tritiya Muhurat to Buy Gold
April 29, 2017 (Saturday) - 05:46 to 06:55
Auspicious Choghadiya timings between 05:46 to 06:55
No Muhurat Available


Monday, 13 February 2017

GOLD STABILISES AMIDST UNCERTAINTIES

While when gold was just about to continue to maintain its 3 month high last week, there was a sudden pull back and gold prices moved lower by the end of the week.

Gold steadied on Friday, but remained below the week's three-month top as the U.S. dollar and Treasury yields came off their highs after the currency initially jumped on U.S. President Donald Trump's promise of a major tax announcement.


Gold was being pushed and pulled amidst various factors that played key roles in influencing gold prices-

Interest Rate - Gold slid on Thursday from a three-month high in the previous session after strong U.S. economic data pointed to a robust economy, increasing the possibility that the Federal Reserve will raise U.S. interest rates.
U.S. economic data has also strengthened talk that the Federal Reserve would press ahead with U.S. interest rate hikes sooner rather than later.
Gold is highly sensitive to rising U.S. interest rates which increases the opportunity cost of holding non-yielding bullion while boosting the dollar  in which it is priced.

Dollar and Data - U.S. economic data also underpinned the dollar. Initial jobless claims unexpectedly dropped last week to a nearly 43-year low, while inventories at wholesalers surged in December for a second straight month. U.S. import prices rose more than expected in January.
The data showing rising U.S. wholesale inventories and an unexpectedly low number of Americans filing for unemployment benefits further pushed up the dollar and U.S. bond yields.                        
A stronger dollar makes gold more expensive for holders of other currencies, while higher yields increase the opportunity cost of holding non-yielding bullion. Higher interest rates would lift yields further.
           
Tax Announcement - Donald Trump plans to announce the most ambitious tax reform plan since the Reagan era in the next few weeks, the White House said.
On Thursday, sending stock prices and the dollar higher on hopes leading to a cut in corporate tax rates.

French Elections - Investors are concerned about the strong showing in the French presidential race of far-right candidate Marine Le Pen, who has promised to take France out of the euro zone and to hold a referendum on European Union membership.

Gold held near 3-month highs on Thursday as political risks from elections in Europe and worries over U.S. President Donald Trump's policies buoyed safe haven demand for the bullion.

While gold was stabilised by Friday. It was still amongst the favourites for investors. Many of them are being bullish for gold – Reasons being :

  • Controversy over U.S. President Donald Trump's temporary travel ban on people from seven Muslim-majority countries has recently boosted gold as a safe-haven asset.
  • Further geo-political uncertainties, increasing hostilities in the Ukraine, Greek bailouts, French elections, Iran-U.S. sabre-rattling have supported gold prices and drawn interest from investors who seek support in safe haven assets.
  • Investors' bullish stance on gold is reinforced by an increase in net longs by speculators and a rise in holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund. (SPDR holdings rose 0.68 percent to 832.58 tonnes on Wednesday from Tuesday, rising for a sixth straight session.)

Increasing uncertainties has increased the demand for gold as a hedge. Amidst all this, gold prices are expected to rise till Mid Feb. Once January CPI data is released, it will give an idea about the possibility of a rate hike in March which will then be a deciding factor in the movement of gold prices.

Tuesday, 7 February 2017

Push vs Pull for GOLD

Last week, gold clocked its largest weekly gain in some seven months. The move came higher as investors flocked to gold, which is often viewed as a safe-haven investment in times of uncertainty.
Last Thursday, markets kept a close watch in the Jobs report that was due on Friday. Apart from the Job report there were many other highlighted events in the week-

Jobs Data- U.S. job growth surged more than expected in January as construction firms and retailers ramped up hiring, but wages barely rose, handing the administration under President Donald Trump, both a head start and a challenge as it seeks to boost the economy.


This report pushed gold prices higher and the sentiments have been continued for this week too.
The gold price climbed on Monday to its highest in nearly three months with investor interest in bullion improving thanks to a subdued dollar and political worries about the US and Europe.
Spot gold was up 0.6% at $1,226.91 during trading hours, having earlier touched $1,230.14, a level last reached on November 17.

Political Uncertainty- Majorly, the current uncertainty prevailing in the US is being driven further by President Donald Trump’s policies, the most controversial of which is a temporary ban on immigrants from seven Muslim countries.

Moreover, Data on Friday showed U.S. wage growth slowed, reducing the odds of Federal Reserve rate increases this year and sending bullion to the biggest weekly gain since June. Uncertainty about Trump’s fiscal-stimulus policies and his administration’s spats with traditional allies helped push hedge funds’ bullish bets on gold to the most in almost two months.

Dollar - The dollar’s value against a basket of currencies has fallen nearly 4% since January 3. That was partly on expectations that the US central bank will wait to see what happens on the political and economic fronts after Friday’s monthly jobs report showed that wages barely rose. "Gold’s solid showing so far this year ... is mostly attributable to a weaker dollar and last week’s standoffish Federal Reserve statement with regard to when it would next move on rates. Trump has also criticized the strength of the dollar, which has pushed the greenback lower. A weaker dollar is good for gold as gold is denominated in U.S. dollars.

French politics - Elections in the Netherlands, France and Germany this year are also adding to jitters. Apart from the Trump presidency euphoria, investors are also watching French politics, where conservative presidential candidate Francois Fillon on Monday vowed to fight on for the presidency despite a damaging scandal involving taxpayer-funded payments to his wife for work which a newspaper alleges she did not do. French pollster Opinion way published a survey on Monday that showed independent Emannual Macron resoundingly winning a presidential election runoff against far-right leader Marine LePen.

Interest rate hike - The Fed raised rates for only the second time since the financial crisis in December and most Fed policymakers agree with Harker that three more rate hikes this year would be appropriate. Wall Street banks and interest-rate futures traders are betting the Fed will only lift borrowing costs twice this year, starting in June.

Currently there is basket of positive and negative factors that might respectively push or pull gold prices further. Of course the positive factors for gold could indeed be overturned by a significant improvement In US employment statistics, or advances in GDP, thus strengthening the Fed’s hand, but if the dollar continues to fall (President Trump appears to think it is too high) and real interest rates remain negative, gold could yet have a good way to run this year, particularly given the global geopolitical uncertainties noted above.

Friday, 3 February 2017

Budget views 2017



From the previous budget to this year’s- Gold witnessed some key events in the domestic market.
They varied from politics to economic to geopolitical. Namely-

Demonetisation
Prime Minister Narendra  Modi made the surprise announcement on 8th November 2016 that the 500 and 1000 Rupees are just “worthless piece of paper”. The 500 and 1000 Rupees notes have been banned to fight back money and money-laundering. The new 2000 and 500 Rupees notes were released on 8th November 2016. The aftermath of demonetization, banks and ATM across the country faced severe cash shortages.

Goods and service bills passed
Goods and Services Tax bill were passed on 8 August 2016. GST is a proposed system of indirect taxation in India merging most of, the existing taxes into a single system of taxation. It would be a comprehensive indirect tax on the manufacture, sale and consumption of goods and services throughout India, to replace taxes levied by the state and central governments.

Surgical Strike Against Pakistan
The Indian said that it had conducted “Surgical Strikes against suspected militants in Pakistani-administered Kashmir on 29 September 2016. Lt Gen Ranbir Singh (DGMO) said that it had received “very credible and specific information” about “terrorist teams” who were preparing to “carry out infiltration and conduct terrorist strikes inside Jammu and Kashmir and in various metros in other states”. The Indian action was meant to pre-empt their infiltration.

But of the ones mentioned above gold was majorly affected in the year end by the announcement of demonetisation scheme.

Gold has been a beneficiary and even a victim of demonetisation. On a net basis, this demonetisation exercise as of now has been neutral for gold. As the demonetisation alarm bells rang, the rush to buy gold was almost immediate. As media reports suggest and also confirmed by gold import numbers, a lot of gold was sold on the night of November 8, as many rushed to buy gold with old notes. Post that, as the cash crunch hit the economy, there was a significant decline in discretionary spending including gold.

In many of our pre budget expectations over the past few years, we have always proposed to make the gold industry more organised. Fortunately, the demonetisation scheme, launching of a gold scheme and making PAN number compulsory for purchases of gold jewellery worth more than Rs 2 lakh shows the seriousness of government in making the making gold a commodity and thus channelizing it into a more organised way.These are signs of positive policy

After a neutral financial year for gold industry in India, all eyes were on the Finance Minister for the budget that was presented today- Feb 1st. This date marks the change in previous customary budget schedules which usually took place at around the end of February, usually February 28. The gold industry was hoping for a change from last few years of high import duties to a more reduced levy.

The industry was expecting a reduction in duty not onlyfor the interest of the dealers but also for the good of the common man.

However, there was no such announcement and duties have been unchanged. The budget is neutral for the gold industry and overall positive. On a scale of 1 to 10 I would rate this budget as 6.5.

Saturday, 12 November 2016

#SaluteModi : RSBL



This was one of the boldest movements by the Government of India announced over a 40-minute speech. In one of the historical reforms of the economy of India, Rs 500 and Rs 1,000 notes were banned effective Tuesday midnight which is expected to bring in 7 lac crore in the RBI account.
The entire team at RiddiSiddhi Bullions ltd. supports this brave move of Our Respected PM Mr. Modi. We assure complete support for the successful implementation of these measures to fight corruption and illicit financial flows in India.  The majority of industry and commoners alike reacted to this decision with overwhelming support and we at RSBL will extend total cooperation for it. Our aim is to have a "black money free India".

Friday, 1 January 2016

Mr. PRITHVIRAJ KOTHARI (MD, RSBL) MAKES GOLD PRICE PREDICTION FOR THE YEAR 2016



(Brief details are given below. For full detail, view the embedded You Tube video) 


Link to the video: https://youtu.be/0vUYZf9M1RQ




QUESTION 1: After 2 consecutive years of negative returns, what is your Gold Price Forecast for 2016?
Prithviraj Kothari: I do agree that since couple of years there is a downward trajectory with respect to Gold prices, since it had been increasing for almost 11 odd years. But according to me a range of $1050 - $1070 an oz is the cost to the mines to procure Gold. Looking at that figure, I find it difficult for the price to go below this range. I see an increase to the extent of 7% to 8% compared to last year in the year 2016.

QUESTION 2: How will it translate in the Rupee term?
Prithviraj Kothari: In rupee term, gold price may hover between Rs 24,000 and Rs 30,000 per 10 grams.

QUESTION 3: What impact do you envisage on gold following the US Fed’s interest rate hike?
Prithviraj Kothari: A 25 bps interest rate hike after a decade in 2015 followed by four such hikes in 2016 by the US Fed has already been factored in with the price of Gold. If you see the price of Gold eventually appreciated when the rate hike took place. A bottom line could be $1000 to $1050 at the most in the line with the mining costs.

QUESTION 4: What impact do you see of high import duty on gold import into India?
Prithviraj Kothari: Indian population is around 125 crore with consumption less than 1gram, bringing import figure to 850-900 tons. With present import duty of 10%, it has created big gap between International price and Indian price. This import duty almost comes to INR 250,000 per kilo. Usually, import of gold has been in the range of 800 to 900 tons per year. Last year gold smuggling was around 200 tons. The increased price gap may give rise to increase in gold malpractices.



QUESTION 5: Do you see any impact of Government related Gold schemes? Would they be beneficial?
Prithviraj Kothari: I am positive with government efforts & schemes. Gold Monetization and Gold Sovereign Bond schemes are good. Gold Monetization scheme will be worthwhile, if it can draw 1000 tons or even 500 tons of gold from temples, public etc. will also have impact on international price. It should happen gradually.

QUESTION 6: India’s gold import has been diverted towards Dore. Would it really help gold jewellery industry at large?
Prithviraj Kothari: It depends on import. Dore import is processed in limited refineries to manufacture pure gold. These refineries import Dore at $2 lower. Those jewelers will be benefited by $3 to 4, who make ornaments by buying gold from refineries.

QUESTION 7: What is your final take on ending of 2015 and 2016 soon to begin?
Prithviraj Kothari: 2016 will be good for the trade. It may create bullion history and it may be ‘Golden Period’ for all traders.



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Saturday, 31 October 2015

Sovereign Gold Bonds Scheme by India & FED Rate Hike - Timing Matters: RSBL!


- Mr. Prithviraj Kothari, Managing Director, RSBL




Rather than talking about International Bullion, I am glad to put forward the decision of Government of India, in consultation with Reserve Bank of India (RBI), to issue Sovereign Gold Bonds. A welcome move by Government of India, after their announcement during the Budget. The best part of this is:
  1. The investors will be compensated at a fixed rate of 2.75% per annum payable semi-annually on the initial value of investment. This a good interest rate that their offering as compared to the policy that they issued a decade back. For Indians who purchase Gold with a traditional respect can now get a chance to earn a fixed interest rate along with the benefit of Price appreciation.
  2. Minimum permissible investment will be 2 units (i.e. 2 grams of gold. With already a wave of new bank accounts being opened due to Jan Dhan Yojna, this minimum permissible investment gives an added advantage to reach the masses who can invest as low as 2 grams.

My personal feeling is that the scheme would be a huge success with the financial, safety implications that have been covered in alternative to holding physical gold at home.

I am sure Sovereign Gold Bonds shall raise a new chapter in Indian Bullion Industry.

As mentioned in my previous Blogs, Gold is still a sell on rallies. The physiological level s US$1200 is yet to be broken convincingly if we talk about it on a technical front. Fundamentally, lower the price the better the buying opportunity.

The data dependent week for gold finished in the prices in red as investor sentiment eroded due to uncertainty in US monetary policy.

On Wednesday, the Federal Open Market Committee (FOMC) chose not to increase the federal funds rate but it did remove the prior concern over global growth and volatility. This was largely interpreted in the market as hawkish, signaling higher rates from the Federal Open Market Committee’s December 15-16 meeting.

I do feel that you would be a bit confused that if FED is not increasing the interest rates, it is good signs for Bullion as the safe heaven appeal rises due to uncertainties in economy. But the December meeting is the most anticipated one. There has been growth in US economy and as the FED says it has been moderately paced. But they cannot go on throughout their time with negative interest rates. The timing is crucial and that is where the whole delay is. So the rates increase has already priced in Gold poor show. The spot gold price was last at $1,1141.40/1,141.90 per ounce, down $5.70 on Thursday’s close. Silver prices followed the Gold fall where the last recorded price was $15.57/15.62.

RSBL SPOT Gold Price

Some of the important data released this week weren’t meeting the expectation of FED:
  1. A Negative Advance GDP q/q print of 1.5% instead of 1.6% was a small hiccup for US economy.
  2. CB consumer confidence in US showed a gloomy picture of 97.6 instead of 102.5
  3. Core Durable Goods Orders m/m for US posted a negative performance too of -0.4% instead of 0.0%

US data releases between now and mid-December will be viewed as crucial but a major obstacle for the US central bank’ policy-setting board will be a key few who believe inflation should reach – or at least approach – the Fed’s target of two percent before a lift-off. Though a part of the FOMC wants to hold off until 2016, Fed chair Janet Yellen has said repeatedly she would prefer to rise the federal funds rate this year despite poor inflation and the tepid US economic recovery.

A rate hike this December would weigh on gold and given the recent gains in positioning could mean a deeper correction than would have been otherwise. A drop in gold prices would mean a good buying opportunity for physical buyers in China who need to stock up for the Lunar New Year festivities. Though the festival falls in the second half of February, people might advance their purchases if a dip in gold prices is witnessed.

Investors will now, desperately, await the December meeting for a potential normalization of monetary policy. Expectations in financial markets about a possible rate hike by the Fed this year are low, but a Fed rate hike is not completely priced out yet.

US data releases between now and the December 16 FOMC meeting will likely be very important as market participants try to gauge the health of the economy and whether or not a potential move in December would be justified. The Fed is ‘data dependent’ and there shall be a great deal of new information that shall be released between now and the December meeting, much of which shall have to turn for the better if the Fed is going to act

Technical Range for Gold price and Silver price next week:

METAL
International price range
Domestic price range
Gold
$1126 - $1177 per ounce
INR 26100 – INR 27000 per 10gm
Silver
$14.47 - $16.20 per ounce
INR 35200 – INR 38500 per Kg






The primary purpose of this blog by Prithviraj Kothari - MD, RSBL, is to educate the masses of the current happenings in the Bullion world.

Sunday, 5 April 2015

PLAYING GAMES WITH GOLD?

                                                          By Mr. Prithviraj Kothari, MD, RSBL




A truncated week due to Good Friday was not so good for US with significantly weaker Non Farm payrolls report. Moreover many trading centers remain closed for Easter Monday. Anyways, let’s hit back to the Gold price rise over the week and some more understanding on US economic indicators that hit the market.

The first weak data coming from US on Tuesday was the contraction in Chicago PMI for second month in succession. Following February's five year low of 45.8, analysts were again disappointed as March's print came in well below expectations at 46.3 (exp: 51.7). The March figures takes the quarterly average to 50.5 over Q1 2015, the lowest quarterly result since Q3 2009 and markedly down on the 61.3 we saw in Q4 2014

On Wednesday, Gold prices were again tested at US$1180 – 81 support. For the third time this support has withstood the selling. But the ADP data from US that came in early took the precious metals complex to nearly day’s high in no time. Gold had a super boost of US$9 to US$1194 in no time and the way was just up after that by reaching an intra-day peak of US$1208. According to the ADP, U.S. private employers added the smallest number of workers in more than a year during March. Private payrolls rose +189k (+225k expected) according to their employment report.
U.S. national factory activity hit a near 2 year low in March according to the Institute for Supply Management (ISM). The ISM's manufacturing PMI index fell for a fifth consecutive month to 51.5 in March (52.5 expected) from 52.9 in February and declining each month since hitting 57.9 in October. The ISM pointed to various factors including the weather, higher health-care costs and the stronger dollar as reasons for the slowdown. 

Then came in the 2 conflicting reports:

On Thursday, US unemployment claims dropped 20,000 to 268,000 in the week ended March 28, the lowest reading since January 24 and much better than the 286,000 forecast.

On Friday, United States employers added the fewest number of jobs in more than a year during March with non-farm payrolls increasing a mere +126k (+245k expected), less than half February's pace and the smallest increase since the polar vortex of December 2013. While the unemployment rate was unchanged at 5.5 percent, the U.S. Bureau of Labor Statistics reported today that ended 12 straight months of job gains above 200,000, the longest streak since 1994.

The main reasons for the negative labor report were:

1.    Poor Weather- Poor weather conditions during the winters created a sort of slag in the labor market

2.    Stronger Dollar- strong dollar created a great impact on the employment numbers

3.    Energy sector- This sector has been having a considerable impact on the employment numbers, this sector witnessed a decline of 11000 employment numbers in March. The industry has lost 30,000 jobs thus far in 2015, after adding 41,000 jobs in 2014. The employment declines in the first quarter of 2015, as well as the gains in 2014, were concentrated in support activities for mining, which includes support for oil and gas extraction.

The dollar tumbled as much as 1 percent against the euro after the significantly weaker-than-expected report, while U.S. Treasuries rose, with benchmark 10-year yields hitting nearly two-month lows.

Undoubtedly, this does act as a super boost for Gold and other precious metals as the negative data does have a chance to delay the Fed’s decision to opt for the first increase in U.S. interest rates in nearly a decade, which is expected later this year. Gold tends to suffer when rates rise, as that increases the opportunity cost of holding non-yielding bullion, while boosting the dollar, in which the metal is priced.

On the domestic front, gold has also found support from strong physical demand from India, currently the world’s biggest gold consuming country with gold imports touching to 70 tonnes in the month of March, putting total imports in the fiscal year that has just ended at 638 tonnes.

Platinum has been a real lager in the whole precious metals group by being down just over 5%. Silver too had been heavily sold in 2014 but having a good push up by nearly 3%.

The reports that were released on Friday will show its effects and reflections on Monday as international open for trade. I am sure that there would be a price push to US$ 1220 (Approximately) testing its key resistance.

Note: A break above US$1238 would surely give a fresh bullish interest. Until then, traders would wait for FED’s decision on FED rate hike barring the price moves depending on the economic indicators.

TRADE RANGE:

METAL
INTERNATIONAL price
DOMESTIC price
GOLD
1184$- 1223$ an ounce
Rs.26,500- Rs.28,000 per 10gm
SILVER
16.50$- 18.00$ an ounce
Rs.37,000- Rs.40,000 per kg




“The primary purpose of this blog by Prithviraj Kothari - MD, RSBL, is to educate the masses of the current happenings in the Bullion world.”

- Previous blog -
"RSBL: Yemen's Push While Fed's Caution"
http://riddisiddhibullionsltd.blogspot.in/2015/03/fed-takes-gradual-and-cautious-route.html