MCX gold continue to hit fresh highs for second consecutive day, crude oil down 0.4%

MCX gold futures were slightly higher on Wednesday while silver futures were trading in the red. Base metals saw moderate losses after rallying considerably in the previous session. After China announced a series of measures to boost economic growth, markets are now bracing for key inflation data from the US while the conflict in the Middle East rages on.

Precious metals

Gold futures on the MCX were trading higher by 0.25% at ₹75,191 per 10 grams. The yellow metal continued its up move on Wednesday to hit a fresh 52-week high of ₹76,000.

Meanwhile, silver futures on the MCX were trading lower by 0.39% and were trading at ₹92,036 per kg. The metal had hit an intraday high of ₹92,309 and was off its day’s low of ₹91,541.

Base metals

Base metals saw some weakness on Wednesday as markets believe China might need to introduce stronger economic reforms to support the weakening economy. Copper futures on the MCX trading slight higher by 0.07% at ₹837.

Meanwhile, zinc futures were down 0.3% to trade at ₹274. Lead futures were trading lower by 0.16% at ₹183.40.

Crude oil and natural gas

MCX crude oil futures on Wednesday were trading lower by 0.5% at ₹5,955 per barrel. Despite China announcing measures to drive up consumption, crude oil prices were unable to maintain momentum. However, factors like the conflict in the Middle East and an upcoming hurricane have supported the price.

Natural gas futures on the MCX were up 1.3% on Wednesday and were trading at ₹216.8. Natural gas futures remained firm after it faced slight profit booking in the previous session.

Economic data

On Tuesday, data revealed that the US consumer confidence fell to 98.7 in September. Meanwhile, On Wednesday, the Bank of Japan’s core consumer price index (CPI) came in at 1.8%.

Going ahead, traders and investors will be tracking the initial jobless claims data from the United States to track the state of the labour market. Additionally, the PCE inflation data will be one of the key data points for markets for further insights.