Gold Silver Weekly Recommendation By Moneymaker

 The COMEX Gold futures edged up above $1360 per ounce in the middle of this month but flipped back as quick gains in US dollar hurt the sentiments for precious metals. Dollar edged up from its six week low of 1.1370 against the Euro after the Conference Board released a report showing that its index of leading US economic indicators rose for the second consecutive month in July. The Conference Board said its leading economic index climbed by 0.4% in July following a 0.3% increase in June. This pulled COMEX Gold down to almost $1340 per ounce mark. MCX Gold futures for October moved mostly in a sideways range, with highs above Rs 31500 per 10 gram levels constantly triggering selling pressure. The US Federal Reserve officials believed last month that near-term risks to the U.S. economy had subsided and that an interest rate increase could soon be warranted. But they did not indicate when they would likely raise rates. The minutes of their July 26-27 meeting showed that officials were encouraged by a rebound in job growth. They also took note of a stabilization of financial markets after a bout of turbulence triggered by Britain's June 23 vote to leave the European Union. The Fed officials believed those developments had lessened the risks for the economy in the short run. The minutes show that as a result, the officials thought a rate increase "was or would soon be warranted. But a key factor holding the Fed officials back was the stubbornly slow rate of inflation, which has been running below the central bank's 2% target for more than four years.

Indian Gold demand witnessed a lackluster performance over last few months. An extended strike by Jewelers and elevated price saw consumer demand for gold in India drop 18% year-on-year to 131 tons in the second quarter of calendar year 2016 (Q2CY16), according to the latest World Gold Council (WGC) report on gold demand trends for the second quarter of 2016. The five year average for local Gold demand is 219 tons. In dollar terms, the demand stood at $5304 Million, down 13% on year.  

Stock Market Updates by Moneymaker Research

Market indices snapped a two-day winning streak, amid a volatile trading session, with Infosys among the top losers after its key client Royal Bank of Scotland canceled a project. Further, higher-than-expected increase in July wholesale price inflation and weak global cues also dampened sentiment. The Sensex ended lower 88 points at 28,065 after breaking the 28,000 mark in intra-day trade and theNifty50 slipped 30 points to settle at 8,643. Broader markets, however, outperformed the benchmark indices - BSE Midcap index inched up 0.5% while and the Small cap index ended flat. The wholesale price index- (WPI) based inflation rose by 3.35% in July up from 1.62% in June, pushed up by food prices such as vegetables and fruits. Consumer prices rose at a faster-than-expected pace to 6.07.

Highest OI increase w.r.t to increase in price was seen in and Highest OI increase w.r.t to ICICIBANK Decrease in price was seen in BANKINDIA.

Equity Benchmarks Rising High, Gold Silver Down

Equity Benchmarks extended rally in the morning session. Market has risen more than 1 percent till yet. Sensex is up 281 points to 28141 and Nifty is up 78 points to 8670. Currently Rupee is trading at 66.81 with 3 paise hike against US Dollar. Bullion Market dropped in the early sessions. MCX Gold with 167 points down trading at 31160 and Silver dropped 280 points to 46475. Natural Gas with minor drop is trading at 169.70 and Crude Oil has hiked a good amount of 38 points to 2950. Asian market indices are trading high in the positive zone. Nikkei has hiked 191 points to 16926, Hang Seng with 164 points lead trading at 22745 and Shanghai Composite is trading low with just 7 points up at 3009. 

Indian Sectors are showing high movements positive leads. BSE Auto is trading highest with 308 points lead to 21486, BSE Bankex hiked 195 points to 21519 and Bank Nifty with 152 points up trading at 18792. BSE Small Cap with 80 points lead trading at 12270, BSE Mid Cap has risen 129 points to 12777 and Nifty MidCap with 115 points up trading at 14858.