More Stories

Informist, Tuesday, Apr. 15, 2025

By Sandeep Sinha

MUMBAI – Futures contracts of gold rose on the Multi Commodity Exchange of India and the COMEX on Tuesday, as investors sought safety in gold's safe haven appeal amid uncertainty surrounding US President Donald Trump's tariff plans. Short-covering of positions by traders also aided precious metal prices.

The positive cue was further supported by the hope of an interest rate cut by the European Central Bank later this week. The expectation of lower interest rates increases the appeal of non-yielding assets such as gold.

At 1945 IST, the most-active June GOLD contract on the MCX was up 0.1% at INR 93,300 per 10 grams. The most-active June gold contract on the COMEX was up 0.3% at $3,236.20 per ounce. The highest call open interest was at the INR 95,000 strikes, indicating a bullish view. The highest put open interest was at the INR 90,000 strikes for the Apr. 30 contract.

On Monday, gold holdings with the SPDR Gold Trust, the world's largest gold-backed ETF, remained steady at 953.15 tonnes. The fund has a market value of $98.18 billion. On the National Stock Exchange, the total value of gold ETFs traded on Tuesday was INR 3.24 billion.

However, the upside in the bullion metal was restricted due to rebound in the dollar, which makes commodities priced in the greenback expensive for holders of other currencies. At 1945 IST, the dollar index, which measures the strength in the greenback against a basket of major currencies, was up 0.2% at 99.85.

SILVER contracts marginally fell, despite positive cues from COMEX, due to weakness in base metals and appreciation in the rupee against the dollar. At 1945 IST, the most-active May contract on the MCX was down 0.2% at INR 94,745 per kg. The same-month contract on the COMEX was 0.4% higher at $32.28 per ounce. On the options front, the highest call open interest was at the INR 100,000-INR 105,000 strike prices. The highest put open interest was at the INR 90,000 strike 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 flat at 21495 points. The June and August gold contracts on the MCX recorded turnovers of INR 35.89 billion and INR 2.81 billion, respectively. The May and July silver contracts saw turnovers of INR 21.04 billion and INR 5.27 billion, respectively.

The spot gold-silver ratio, also known as the Mint ratio, fell to 99.69 on Tuesday, indicating that gold had underperformed silver. The ratio measures the ounces of silver required to buy an ounce of gold. The ratio was 100.18 on Monday.

Outlook for the rest of the session:

--MCX gold seen at INR 92,675–INR 93,853 per 10 gm

--COMEX gold seen at $3,203.13–$3,256.03 an ounce

--MCX silver seen at INR 93,994-INR 95,786 per kg

--COMEX silver seen at $31.83-$32.82 an ounce

End

US$1 = INR 85.77

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

Edited by Akul Nishant Akhoury

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2025. All rights reserved.