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Informist, Monday, Mar. 10, 2025

By Sandeep Sinha

MUMBAI – Futures contracts of gold were steady on the Multi Commodity Exchange of India, despite mildly negative cues from COMEX, as traders awaited fresh triggers. The heightened global economic uncertainty, which boosted gold's safe-haven demand, was offset by money managers paring their bullish bets and outflow from exchange-traded funds.

US President Donald Trump's warnings of a 'transition period' in the US economy and the persistent deflation in China have fueled safe-haven demand, Kotak Securities said in a report. Investors await US consumer price index and producer price index data later this week for further insight into rate action by the US Federal Reserve.

At 1915 IST, the most active April gold contract on the MCX was flat at INR 86,879 per 10 grams. The most active April gold contract on COMEX was down 0.2% at $2,908.50 per ounce. The highest call open interest was at INR 90,000 strike price, indicating a bullish view. The highest put open interest was at INR 85,000-INR 84,000 strikes for the Mar. 26 contract.

Money managers trimmed their net long positions in COMEX gold by 11,793 lots to 182,564 as of Mar. 4, according to Commodity Futures Trading Commission data.

On Friday, gold holdings with SPDR Gold Trust, the world's largest gold-backed ETF, fell by 4.30 tonnes to 894.34 tonnes, the fourth straight day of decline. The fund has a market value of $84.25 billion. On the National Stock Exchange, the total value of gold ETFs traded on Monday was INR 1.39 billion.

SILVER contracts rose, despite steady cues from COMEX, due to the depreciation in the rupee against the dollar. At 1915 IST, the most-active May contract on the MCX was up 0.1% at INR 97,329 per kg. The same-month contract on COMEX was steady at $32.81 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 Apr. 24 expiry contract.

The April and June gold contracts on the MCX recorded turnovers of INR 43.99 billion and INR 1.08 billion, respectively. The May and July silver contracts saw turnovers of INR 20.69 billion and INR 832.67 million, respectively.

The spot gold-silver ratio, also known as the Mint ratio, rose to 89.59 Monday, indicating that gold had outperformed silver. The ratio measures the ounces of silver required to buy an ounce of gold. The ratio was 89.39 Friday.

Outlook for the rest of the session:

--MCX gold seen at INR 85,975–INR 86,923 per 10 gm

--COMEX gold seen at $2,887.10–$2,935.90 an ounce

--MCX silver seen at INR 96,520-INR 98,040 per kg

--COMEX silver seen at $32.55-$33.29 an ounce

End

US$1 = INR 87.33

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

Edited by Saji George Titus

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