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Informist, Thursday, Apr. 3, 2025

By Sandeep Sinha

MUMBAI – Gold futures contracts on the Multi Commodity Exchange of India and COMEX were down on profit-taking and broad-based selling across asset classes as market sentiment weakened. The yellow metal erased earlier gains and turned red as US President Donald Trump kept gold out of the reciprocal tariffs.

Bankers and investors, who were shipping gold to New York from London to benefit from the price differential, were left disappointed as the US exempted gold from the reciprocal tariffs. This led to a sharp decline in the premium between the spot gold prices and COMEX June futures, which declined to $20.59 an ounce from $33.17 on Wednesday.

Traders also remained cautious ahead of US non-farm payrolls data due Friday. Analysts polled by Dow Jones estimated the payrolls to come at 140,000 in March from 151,000 in February. 

At 1850 IST, the most active June GOLD contract on the MCX was down 1.9% at INR 89,130 per 10 grams. The most active June gold contract on COMEX was down 2.6% at $3,083.60 per ounce. The highest call open interest was at INR 92,000 strike price, indicating a bullish view. The highest put open interest was at INR 88,000 strike for the Apr. 30 contract.

However, the downside in the yellow metal was cushioned by a weaker dollar, which makes commodities priced in the greenback cheaper for holders of other currencies. At 1850 IST, the dollar index, which measures the strength of the greenback against a basket of major currencies, was down 2.1% at 101.48.

SILVER contracts plunged taking cues from COMEX, weak trends in gold and industrial metals. At 1850 IST, the most active May contract on the MCX was down 5.5% at INR 94,251 per kg. The same-month contract on COMEX was 7.9% lower at $32.20 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 INR 95,000 strikes for the Apr. 24 expiry contract.

The spot gold-silver ratio, also known as the Mint ratio, jumped to 96.15 on Thursday, indicating that gold had outperformed silver. The ratio measures the ounces of silver required to buy an ounce of gold. The ratio was 92.5 on Wednesday.

Outlook for the rest of the session:

--MCX gold seen at INR 88,900–INR 91,500 per 10 gm

--COMEX gold seen at $3,050.0–$3,130.0 an ounce

--MCX silver seen at INR 93,900-INR 96,000 per kg

--COMEX silver seen at $32.00-$33.10 an ounce

End

US$1 = INR 85.43

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

Edited by Saji George Titus

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