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Informist, Wednesday, Feb. 12, 2025

By Sandeep Sinha

MUMBAI – Futures contracts of gold fell on the Multi Commodity Exchange of India, taking cues on the COMEX, as traders booked profits following record-breaking gains. Sentiment for the yellow metal was also weighed down by the rise in the dollar.

At 2015 IST, the dollar index, which measures the strength of the greenback against a basket of major currencies, was up 0.4% at 108.37. A stronger dollar makes dollar-denominated precious commodities more expensive for those holding other currencies, dulling demand.

"Gold took a breather after its strong rally, with prices weakening in both Comex and MCX, indicating some short-term pressure," Jateen Trivedi, vice president and research analyst at LKP Securities, said in a note. While the broader bullish outlook remains intact, a near-term correction is likely, he said.

At 2015 IST, the most active April GOLD contract on the MCX was down 0.3% at INR 85,270 per 10 grams. The most active April gold contract on COMEX was down 0.3% at $2,923.60 per ounce. The highest call open interest was at INR 85,000-INR 86,000 strike prices, indicating a bullish view. The highest put open interest was at INR 82,000-INR 80,000 strike for the Feb. 28 contract.

On Tuesday, gold holdings with the SPDR Gold Trust, the world's largest gold-backed ETF, rose by 0.86 tonnes to 871.94 tonnes. The fund has a market value of $81.13 billion. On the National Stock Exchange, the total value of gold ETFs traded on Wednesday was INR 2.27 billion, down from INR 3.46 billion on Monday. 

SILVER contracts gained, taking cues from COMEX, and a firm trend in industrial metals. At 2015 IST, the most-active March contract on the MCX was up 0.5% at INR 95,018 per kilogram. The same-month contract on the COMEX was 0.7% higher at $32.56 per ounce. On the options front, the highest call open interest was at the INR 95,000-INR 100,000 strike prices. The highest put open interest was at INR 90,000 strike for the Feb. 24 expiry contract.

The MCX Bulldex, an index that tracks the real-time performance of gold and silver futures on the MCX, was up 101 points at 20342 points. The April and June gold contracts on the MCX recorded turnovers of INR 62.20 billion and INR 2.96 billion, respectively. The March and May silver contracts saw turnover of INR 24.37 billion and INR 3.66 billion, respectively.

The spot gold-silver ratio, also known as the Mint ratio, fell to 90.23 on Wednesday, indicating that gold underperformed silver. The ratio measures the ounces of silver required to buy an ounce of gold. The ratio was at 91.88 on Tuesday.

Outlook for the rest of the session:
--MCX gold seen at INR 84,710–INR 85,752 per 10 gm
--COMEX gold seen at $2,899.50–$2,961.0 an ounce
--MCX silver seen at INR 94,180-INR 95,600 per kg
--COMEX silver seen at $32.20-$32.73 an ounce

End

US$1 = INR 86.89

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Saji George Titus

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