India Bullion
Gold prices down on profit-taking; Trump's speech in focus
This story was originally published at 17:40 IST on 23 January 2025
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MUMBAI – Futures contracts of gold fell on the Multi Commodity Exchange of India and COMEX Thursday on profit-taking by investors after prices hit an 11-week high Wednesday. The outflow in gold exchange-traded funds also weighed on prices.
"The yellow metal is looking somewhat expensive at the current level. It may remain range-bound in the near-term," Praveen Singh, associate vice-president, fundamental currencies and commodities, Mirae Asset Sharekhan, said in a note.
On Wednesday, gold holdings with the SPDR Gold Trust, the world's largest gold-backed ETF, fell by 2.3 tonnes to 869.36 tonnes. The fund has a market value of $76.89 billion. On the National Stock Exchange, the total value of gold ETFs traded Thursday was INR 2.03 billion, up from INR 1.55 billion Wednesday.
At 1532 IST, the most-active February GOLD contract on the MCX was down 0.2% at INR 79,412 per 10 grams. The most-active February contract on COMEX was 0.6% lower at $2,753.1 per ounce. The highest call open interest for gold was at INR 80,000-INR 82,000 strike prices, suggesting a bullish view. The highest put open interest was at INR 77,000-INR 76,000 strikes for the Jan. 27 contract.
Investors will take further cues from a speech by US President Donald Trump at the World Economic Forum in Switzerland and US weekly jobless claims due later Thursday. Analysts polled by Dow Jones had estimated the jobless claims to come in at 221,000, up by 4,000 from last week.
SILVER contracts traded in the red, taking cues from COMEX and weak trends in gold and industrial metals. At 1533 IST, the most-active March contract on the MCX was down 0.6% at INR 91,386 per kg. The same-month contract on COMEX fell 1.2% at $31.06 per ounce. On the options front, the highest call open interest was at the INR 100,000 strike price. The highest put open interest was at INR 90,000 strike for the Feb. 24 expiry contract.
The MCX Bulldex, an index that tracks real-time performance of gold and silver futures on the MCX, was down 39 points at 19230. Until 1533 IST, the February and April gold contracts recorded turnovers of INR 18.79 billion and INR 9.56 billion, respectively. The March and May silver contracts saw turnovers of INR 7.80 billion and INR 812.59 million, respectively.
The spot gold-silver ratio, also known as the Mint ratio, rose to 89.84 on Thursday, indicating that gold had outperformed silver. The ratio was at 89.30 on Wednesday. The ratio measures the ounces of silver required to buy an ounce of gold.
Outlook for the rest of the session:
--MCX gold seen at INR 79,150–INR 79,700 per 10 gm
--COMEX gold seen at $2,747.43–$2,783.80 an ounce
--MCX silver seen at INR 90,700-INR 92,560 per kg
--COMEX silver seen at $30.80-$31.40 an ounce
End
US$1 = INR 86.46
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajeev Pai
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