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Informist, Thursday, Apr. 17, 2025

By Sandeep Sinha

MUMBAI – Gold futures contracts were Thursday down on the Multi Commodity Exchange of India and COMEX, as the record-breaking rally led investors to book some profit at higher levels. A recovery in the dollar also weighed on precious metal prices, making commodities priced in the greenback expensive for holders of other currencies.

At 1750 IST, the dollar index, which measures the strength of the greenback against a basket of six major currencies, was up 0.3% at 99.58 on short-covering.

Kotak Securities said in a note that gold experienced a pullback from its record high as investors engaged in profit-taking.

At 1750 IST, the most-active June GOLD contract on the MCX was down 0.3% at INR 95,350 per 10 grams, after touching a new lifetime high of INR 95,935 per 10 grams earlier Thursday. The most-active June gold contract on the COMEX was down 0.1% at $3,344 per ounce. The highest call open interest on gold was at the INR 95,000-INR 98,000 strikes, indicating a bullish view. The highest put open interest was at the INR 93,000 strike for the Apr. 30 contract.

However, the fall was limited due to fresh inflows into gold exchange traded funds. On Wednesday, gold holdings with the SPDR Gold Trust, the world's largest gold-backed ETF, rose by 4.02 tonnes to 957.17 tonnes. The fund has a market value of $102.24 billion. On the National Stock Exchange, the total value of gold ETFs traded Thursday was INR 2.85 billion, down from INR 3.45 billion Wednesday.

SILVER contracts edged lower, taking cues from COMEX, tracking weak trends in gold and industrial metals. At 1750 IST, the most-active May contract on the MCX was down 1.4% at INR 94,946 per kg. The same-month contract on the COMEX was down 1.5% at $32.48 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 the INR 95,000-INR 90,000 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 down 158 points at 21848. The June and August gold contracts on the MCX recorded turnovers of INR 49.48 billion and INR 4.46 billion, respectively. The May and July silver contracts saw turnovers of INR 20.17 billion and INR 4.70 billion, respectively.

The spot gold-silver ratio, also known as the Mint ratio, rose to 102.91 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 102.04 Wednesday.

Outlook for the rest of the session:

--MCX gold seen at INR 94,699–INR 95,879 per 10 gm

--COMEX gold seen at $3,282.70–$3,395.67 an ounce

--MCX silver seen at INR 94,335-INR 95,879 per kg

--COMEX silver seen at $31.85-$32.65 an ounce

End

US$1 = INR 85.36

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

Edited by Nishant Maher

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