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Informist, Monday, Apr. 28, 2025

By Sandeep Sinha

MUMBAI – Futures contracts of gold on the Multi Commodity Exchange of India and COMEX rose as dollar slipped ahead of the US non-farm payrolls data, due Friday. Analysts polled by Dow Jones estimated the payrolls to come in at 130,000 in April from 228,000 in March.

At 2030 IST, the dollar index, which measures the strength in the greenback against a basket of major currencies, was down 0.5% at 99.17. A weaker greenback makes dollar-denominated commodities cheaper for those holding other currencies, thus improving demand.

At 2030 IST, the most active June GOLD contract on the MCX was up 0.7% at INR 95,600 per 10 grams. The most active June gold contract on the COMEX was 1.2% higher at $3,337.80 per ounce. The highest call open interest on gold was at the INR 95,000-INR 100,000 strikes, indicating a bullish view. The highest put open interest was at the INR 95,000-INR 90,000 strike for the Apr. 30 contract.

The price of 10 gm 24-carat gold in Mumbai was INR 95,108, along with 3% goods and services tax, while 22-carat 10 gm stood at INR 87,119 plus GST. The price of 18-carat gold was quoted at INR 71,331 plus GST in the retail market.

However, further upside in the bullion metal was restricted due to outflow in gold exchange-traded funds. On Friday, gold holdings with the SPDR Gold Trust, the world's largest gold-backed ETF, fell by 2.29 tonnes to 946.27 tonnes. The fund has a market value of $99.68 billion. On the National Stock Exchange, the total value of gold ETFs traded on Monday was INR 2.60 billion, up from INR 2.38 billion on Friday.

SILVER contracts traded lower, taking cues from COMEX, and a weak trend in industrial metals. At 2037 IST, the most active May contract on the MCX fell 0.2% to INR 96,290 per kg, while the same-month contract on COMEX was down 0.1% at $32.98 per ounce.

The MCX Bulldex, which tracks the real-time performance of gold and silver futures on the MCX, was up by 109 points at 21992 points. The turnover for the June and August gold contracts stood at INR 106.49 billion and INR 8.69 billion, respectively. The May and July silver contracts saw turnovers of INR 20.38 billion and INR 22.24 billion, respectively.

The spot gold-silver ratio, also known as the Mint ratio, rose to 100.71 on Monday, indicating that gold had outperformed silver. The ratio measures the ounces of silver required to buy an ounce of gold. The ratio was 100.18 on Friday.

Outlook for rest of the session:

--MCX gold seen at INR 94,225–INR 96,772 per 10 gm

--COMEX gold seen at $3,275.30–$3,384.60 an ounce

--MCX silver seen at INR 95,159-INR 96,968 per kg

--COMEX silver seen at $32.80-$33.40 an ounce

End

US$1 = INR 85.03

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

Edited by Akul Nishant Akhoury

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