MCX gold and silver futures scale new highs, crude oil futures trade in the red

MCX gold futures performed well and went on to hit a 52-week high on Wednesday as pre-election uncertainties rose. Silver futures were trading in the red after scaling fresh highs while base metal futures were weak during the session. Crude oil and natural gas futures faced selling pressure. Markets are also factoring in the upcoming rate cut decision by the US. Federal Reserve.

Precious metals

Gold futures on the MCX were trading higher by 0.10% at ₹78,735 per 10 grams and hit a fresh 52-week high of ₹78,919. Gold prices have rallied recently as the upcoming US election and geopolitical tensions in the Middle East made the yellow metal an attractive bet for risk-averse investors.

Meanwhile, silver futures on the MCX were down by 0.62% and were trading at ₹99,350 per kg. The metal hit a fresh all-time high of ₹1,00,081 which. The metal was off its day’s low of ₹99,235.

Base metals

On Wednesday, copper futures on the MCX trading lower by 1.45% at ₹807.40. Meanwhile, zinc futures were trading lower by 0.40% at ₹288.45. Lead futures were down by 0.52% at ₹180.35.

Crude oil and natural gas

MCX crude oil futures on Wednesday were trading lower by 1.62% at ₹5,942 per barrel. After seeing moderate gains in the previous two sessions, the commodity came under pressure as US crude inventories came in higher.

Natural gas futures were trading lower by 1.44% during the session. The commodity was trading at ₹191.9.

Economic data

Markets are currently bracing themselves for the upcoming US elections. As uncertainties rise, demand for safe-haven investments like gold has seen a rise too. Additionally, the markets are also factoring in future rate cuts by the US Federal Reserve.

Following strong data, bets of a larger interest cut have been lowered. However, market participants will be closely tracking labour market data to get clarity regarding concerns of an economic slowdown.