MCX gold and silver futures trade in the green, natural gas futures pause rally

Natural gas futures on the MCX were trading lower on Thursday after an impressive rally in the previous session. Meanwhile, precious metals were trading higher and base metals struggled to find strength. At the same time, crude oil futures found support on the back of better inventory figures.

Precious metals

Gold futures on the MCX saw gains of 0.50% and were trading at ₹72,100 per 10 grams. The yellow metal continued to gain ahead of key inflation data from the United States. The metal has shown significant strength and trended upwards from its lows last month.

At the same time, silver futures on the MCX traded higher by 0.89% at ₹84,725 per kg. The metal recovered after being under pressure in the previous session and hit an intraday high of.

Base metals

Base metal futures saw relatively weak performance as investors fail to find growth prospects in the commodities. Copper futures on the MCX were lower by 0.21% at ₹805.45 while zinc futures saw marginal gains of 0.09% at ₹267.60. Lead futures lost the most and were trading lower by 0.43% at ₹186.25.

Crude oil and natural gas

Crude oil futures on Wednesday slipped and were trading lower by 0.17% at ₹6,277. Crude oil inventory data came in strong which dampened the expectations for crude demand. However, supply concerns from Libya have helped the commodity find strength.

Meanwhile, natural gas futures on the MCX were down by nearly 1.40% and were trading at ₹176.3. Supply concerns regarding natural gas had propelled the commodity higher by nearly 12% in the previous session.

Economic data

Going ahead, traders and investors will be closely tracking inflation data from the US. Initial jobless claims and the personal consumption expenditure (CPE) will be crucial to track the state of the economy as fears of recession still loom.

Additionally, the data will help gauge inflation and the Fed’s trajectory regarding interest rates. Inflation data from Germany, Japan, and the Euro Zone will also be in focus.