More Stories

Informist, Friday, May 2, 2025

By Sandeep Sinha

MUMBAI – Futures contracts of gold rose on the Multi Commodity Exchange of India and the COMEX because of short-covering after three days of fall. Inflows in gold exchange-traded funds and weakness in the US dollar also helped the yellow metal gain momentum.

At 2035 IST, the dollar index, which measures the strength of the greenback against a basket of six major currencies, was down 0.7% at 99.48. A weaker greenback makes dollar-denominated commodities cheaper for those holding other currencies, thus improving demand.

On Thursday, gold holdings with the SPDR Gold Trust, the world's largest gold-backed ETF, rose by 1.15 tonnes to 945.41 tonnes. The fund has a market value of $97.68 billion. On the National Stock Exchange, the total value of gold ETFs traded on Firday was INR 3.04 billion.

At 2035 IST, the most active June GOLD contract on the MCX was up 1% at INR 93,298 per 10 grams. The most active June gold contract on the COMEX was 1.5% higher at $3,270.40 per ounce. The highest call open interest on gold was at the INR 100,000 strike, indicating a bullish view. The highest put open interest was at the INR 90,000 strike for the May 27 contract.

The price of 10 gm 24-carat gold in Mumbai was INR 93,954, along with 3% goods and services tax, while 22-carat 10 gm stood at INR 86,062 plus GST. The price of 18-carat gold was quoted at INR 70,466 plus GST in the retail market.

However, the upside in bullion was restricted due to stronger-than-expected US jobs data. The US non-farm payroll data for April showed that the country added 177,000 jobs, higher than analysts' expectations of 130,000 job additions polled by Dow Jones. This indicated that the world's largest economy is still quite resilient, which weighed on sentiment.

SILVER contracts fell, taking cues from COMEX, and appreciation in the rupee against the dollar. At 2042 IST, the most active July contract on the MCX was down 0.2% at INR 94,500 per kg, while the same-month contract on COMEX fell 0.2% at $32.41 per ounce.

The MCX Bulldex, which tracks the real-time performance of gold and silver futures on the MCX, was up 162 points at 21485 points. The turnover for the June and August gold contracts stood at INR 95.66 billion and INR 1.41 billion, respectively. The May and July silver contracts saw turnovers of INR 2.52 billion and INR 1.69 billion, respectively.

The spot gold-silver ratio, also known as the Mint ratio, rose to 101.33 on Friday, indicating that gold had outperformed silver. The ratio measures the ounces of silver required to buy an ounce of gold. The ratio was 99.9 on Wednesday.

Outlook for rest of the session:

--MCX gold seen at INR 92,626–INR 94,214 per 10 gm

--COMEX gold seen at $3,204.93–$3,296.13 an ounce

--MCX silver seen at INR 93,408-INR 95,311 per kg

--COMEX silver seen at $32.14-$33.01 an ounce

End

US$1 = INR 84.58

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

Edited by Deepshikha Bhardwaj

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.