MCX gold and crude futures trade in the green, natural gas futures up 1.6%

MXC gold futures were trading marginally higher on Monday as a lack of global cues failed to provide any momentum to the metal. Meanwhile, crude oil futures managed to recover after being under pressure in the previous session.

Precious metals

Gold futures on the MCX saw gains of 0.02% and were trading at ₹71,628 per 10 grams. The yellow metal has remained firm as traders and investors brace themselves for payroll data and a rate cut in September.

At the same time, silver futures on the MCX traded lower by 0.49% at ₹84,789 per kg. The metal had hit an intraday high of ₹84,910 and was off its day’s low of ₹84,050.

Base metals

Copper futures on the MCX were lower by 0.63% at ₹800.90 while zinc futures were under pressure to trade lower by 1.34% at ₹265.10. Lead futures were trading lower by 0.13% at ₹185.55.

Crude oil and natural gas

Crude oil futures on Monday slipped and were trading lower by 0.32% at ₹6,183. Weak demand from China along with OPEC+ increasing supply has weighed down on crude oil prices.

Meanwhile, natural gas futures on the MCX were up by nearly 1.68% and were trading at ₹182.1

Economic data

In the coming week, traders and investors will be tracking the non-farm payroll from the United States which helps track the number of jobs the country’s economy added in the previous month. Weak jobs data in July had resulted in significant weaknesses across global markets.

At the same time, data from China signaled a further weakening in demand as manufacturing export orders fell for the first time in eight months. Meanwhile, India’s manufacturing PMI came in at a three-month low for August at 57.5.