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Informist, Thursday, May 8, 2025

By Sandeep Sinha

MUMBAI – Futures contracts of gold fell on the Multi Commodity Exchange of India and COMEX on Thursday because of a firm dollar, which makes dollar-denominated commodities expensive for holders of other currencies. Sentiment for the precious metal was also hurt by outflow from gold exchange-traded funds.

At 2100 IST, the Dollar Index, which measures the strength of the greenback against a basket of major currencies, was up 0.2% at 100.09 after the US Federal Reserve kept the interest rate unchanged at 4.25-4.50% on Wednesday.

At 2100 IST, the most-active June GOLD contract on the MCX was down 0.3% at INR 96,778 per 10 grams. The most-active June gold contract on the COMEX was 1.3% lower at $3,348.80 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.

On Wednesday, gold holdings with the SPDR Gold Trust, the world's largest gold-backed ETF, fell by 290 kg to 937.67 tonnes. The fund has a market value of $102.22 billion. On the National Stock Exchange, the total value of gold ETFs traded on Thursday was INR 3.36 billion, down from INR 4.18 billion on Wednesday.

The price of 24-carat gold in Mumbai was INR 97,030 per 10 gm, along with 3% goods and services tax, while 22-carat gold was INR 88,880 per 10 gm plus GST. The price of 18-carat gold was INR 72,773 per 10 gm plus GST in the retail market.

SILVER contracts gained, despite negative cues from COMEX, due to firm trend in industrial metal and a sharp depreciation in the rupee against the dollar. At 2100 IST, the most-active July contract on the MCX was up 0.8% at INR 96,448 per kg, while the same-month contract on COMEX fell 0.7% at $33.14 per ounce.

The MCX Bulldex, which tracks the real-time performance of gold and silver futures on the MCX, was up 47 points at 22254 points. The turnover of the June and August gold contracts was INR 121.15 billion and INR 19.36 billion, respectively. The turnover in July and September silver contracts was INR 28.78 billion and INR 1.51 billion, respectively.

The spot gold-silver ratio, also known as the Mint ratio, fell to 102.54 on Thursday, indicating that gold underperformed silver. The ratio measures the ounces of silver required to buy an ounce of gold. The ratio was 103.65 on Wednesday.

Outlook for the rest of the session:

--MCX gold seen at INR 96,400–INR 97,280 per 10 gm

--COMEX gold seen at $3,322.0–$3,365.0 an ounce

--MCX silver seen at INR 95,000-INR 97,400 per kg

--COMEX silver seen at $32.00-$34.0 an ounce

End

US$1 = INR 85.71

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

Edited by Ashish Shirke

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