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Informist, Tuesday, May 13, 2025

By J. Navya Sruthi

MUMBAI – Futures contracts of bullion rose the Multi Commodity Exchange of India Tuesday tracking rise in contracts on the COMEX due to weak a Dollar Index, analysts said. Prices of both gold and silver were also up because of technical corrections, after having fallen 2-4% on Monday.

At 2026 IST, the Dollar Index, which measures the strength of the greenback against a basket of six major currencies, was down 0.5% at 101.3. A weaker dollar makes the dollar-denominated precious metal less expensive for holders of other currencies, aiding demand.

"COMEX gold witnessed a recovery on Tuesday, touching high of over $3,270 per ounce, as bargain hunters entered the market following a more than one-week low in the prior session," Kotak Securities said in a note. At 2027 IST, the most-active June GOLD contract on the MCX rose 0.8% to INR 93,677 per 10 grams. The most-active June gold contract on COMEX was up 0.7% at $3,250.9 per ounce.

On Monday, the June contract fell nearly 4% on the MCX from the previous close and ended at INR 92,901 per 10 gm, as safe-haven demand for the precious metal weakened after the US and China agreed to suspend most of the retaliatory tariffs for 90 days. Similarly, gold prices fell by 3.5% on the COMEX from the previous close to $3,228 per ounce.

The US and China have agreed to suspend most of the tariffs on goods imported from each other for 90 days, effective Wednesday, according to a joint statement released by the White House on Monday. The US reduced its reciprocal tariff on Chinese goods to 10% from 125%. With the 20% tariffs announced in February and March against Chinese goods remaining in place, the total tariff against Chinese goods will now be 30%. At the same time, China agreed to cut tariffs on US goods to 10% from 125%.  

Tracking gains in gold prices, SILVER contracts also rose on the MCX and the COMEX. At 2028 IST, the most-active July silver contract on the MCX was up 1.7% at INR 96,947 per kilogram. The same-month contract on the COMEX was 1.4% higher at $33.11 per ounce.

Outlook for the rest of the session:

--MCX gold seen at INR 92,600–INR 94,000 per 10 gm

--COMEX gold seen at $3,180–$3,330 an ounce

--MCX silver seen at INR 95,750-INR 97,400 per kg

--COMEX silver seen at $30.80-$33.60 an ounce

End

US$1 = INR 85.33

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

Edited by Ashish Shirke

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