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Informist, Tuesday, Apr. 1, 2025

By Sandeep Sinha

MUMBAI – Gold futures contracts rose on the Multi Commodity Exchange of India for the sixth straight session and on the COMEX for the fourth successive day as rising concerns over reciprocal tariffs by the US boosted safe-haven demand. Increased geopolitical tensions between the US and Iran, inflows in exchange-traded funds, and rising flows into COMEX warehouses also supported positive sentiment for the precious metal.

"The buying demand for gold continues unabated, with markets scrambling for shelter in the traditional store of wealth amid concerns over US President Donald Trump's tariff plans on 'Liberation Day', Apr. 2", Renisha Chainani, research head, Augmont Goldtech Pvt. Ltd., said.

At 1810 IST, the most-active June GOLD contract on the MCX was up 0.5% at INR 91,196 per 10 grams, after hitting a life high of INR 91,400 during the day. The most-active June gold contract on COMEX was up 0.4% at $3,163.90 per ounce. The highest call open interest was at INR 91,000 strike price, indicating a bullish view. The highest put open interest was at INR 88,000 strike for the Apr. 30 contract.

On Monday, gold holdings with SPDR Gold Trust, the world's largest gold-backed ETF, rose by 1.44 tonnes to 933.38 tonnes. The fund has a market value of $93.45 billion. On the National Stock Exchange, the total value of gold ETFs traded on Tuesday was INR 4.76 billion.

Gold stocks in COMEX warehouses rose by 6.63 tonnes to 1,262.55 tonnes as of Mar. 28, compared to 1,225.92 tonnes as of Feb. 28.

"Investors are becoming increasingly concerned about the impact of Trump's reciprocal tariffs on the global economy after Europe and Canada threatened to join forces to combat the US tariffs, a scenario US President Donald Trump warned would result in harsher penalties," Daniel Hynes, senior commodity strategist at ANZ Research, said in a note.

SILVER contracts rose taking cues from COMEX and a firm trend in gold. At 1810 IST, the most-active May contract on the MCX was up 0.3% at INR 100,315 per kg. The same-month contract on COMEX was 0.4% higher at $34.76 per ounce. On the options front, the highest call open interest was at the INR 105,000-INR 110,000 strike prices. The highest put open interest was at INR 100,000-INR 95,000 strikes for the Apr. 24 expiry contract.

The MCX Bulldex, an index that tracks the real-time performance of gold and silver futures on the MCX, was up 62 points at 21397 points. The June and August gold contracts on the MCX recorded turnovers of INR 43.56 billion and INR 3.48 billion, respectively. The May and July silver contracts saw turnovers of INR 22.78 billion and INR 1.15 billion, respectively.

The spot gold-silver ratio, also known as the Mint ratio, rose to 92.17 on Tuesday, indicating that gold had outperformed silver. The ratio measures the ounces of silver required to buy an ounce of gold. The ratio was 91.64 on Monday.

Outlook for the rest of the session:

--MCX gold seen at INR 90,384–INR 91,326 per 10 gm

--COMEX gold seen at $3,125.87–$3,193.53 an ounce

--MCX silver seen at INR 99,291-INR 100,914 per kg

--COMEX silver seen at $34.22-$35.25 an ounce

End

US$1 = INR 85.47

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

Edited by Saji George Titus

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