Commodity Market Updates, September 24: Silver, Gold futures retreat from record highs; Crude oil surges

Here is how different commodity futures were trading on September 24.

Gold futures

Gold prices retreated from their record highs in futures trade on Wednesday, September 24, as traders booked profits at elevated levels, dragging the precious metals lower, while markets digested cautious remarks from US Federal Reserve Chair Jerome Powell on the path of potential interest rate cuts.

On the Multi-Commodity Exchange (MCX), gold futures for October delivery dropped ₹408 or 0.36%, to ₹1,13,428 per 10 grams as traders pared their holdings after the metal scaled an all-time high of ₹1,14,179 per 10 grams on Tuesday.

Similarly, the December contract for gold fell ₹353, or 0.31%, to ₹1,14,486 per 10 grams after touching a lifetime peak of ₹1,15,139 per 10 grams.

Globally, bullion retreated from historic peaks. Gold futures for December delivery traded 0.44% lower at $3,799.07 per ounce, after scaling a historic high of $3,824.60 per ounce on Tuesday.

Silver futures

Silver futures also eased and retreated from their peak, with profit-taking weighing on sentiment.

On the MCX, the white metal futures for December delivery slipped ₹221, or 0.16%, to ₹1,34,841 per kilogram. The March next year contract shed ₹121, or 0.09%, to ₹1,36,271 per kg.

In the international market, silver futures for December delivery also slipped 0.44% to $44.41 per ounce.

Aluminium futures

Aluminium prices declined 25 paise to ₹257.95 per kilogram in the futures trade as participants trimmed their positions on a weak trend in the spot market.

On the MCX, aluminium for delivery in October fell 25 paise or 0.1% to ₹257.95 per kg in 2,650 lots.

Analysts said participants cutting down positions due to easing demand from consuming industries mainly kept aluminium prices lower.

Copper futures

Copper futures fell 65 paise to ₹917.70 per kilogram as participants reduced their positions amid muted demand in the domestic market.

On the MCX, copper futures for the October contract eased by 65 paise or 0.07% to ₹917.70 per kilogram in a business turnover of 5,792 lots.

Analysts attributed the decline in copper prices to lower bets by participants.

Zinc futures

Zinc prices slipped 0.05% to ₹281.70 per kilogram in futures trade as speculators reduced their exposure, tracking negative cues from the spot market.

On the MCX, zinc contracts for October delivery traded lower by 15 paise or 0.05% at ₹281.70 per kg in 2,668 lots.

Analysts said the trimming of positions by participants owing to slackened demand from consuming industries in the physical market mainly weighed on zinc prices.

Crude oil futures

Crude oil prices rose ₹14 to ₹5,646 per barrel in futures trade as participants increased their positions following a firm spot demand.

On the MCX, crude oil for October delivery traded higher by ₹14 or 0.25% at ₹5,646 per barrel in 10,832 lots.

Analysts said that participants raising bets kept crude oil prices higher in futures trade.

Globally, West Texas Intermediate crude was trading 0.09% higher at $63.47 per barrel, while Brent crude rose 0.06% to $67.67 per barrel in New York.