MCX Gold futures edge higher ahead of Fed officials’ commentary, economic data release, MCX Crude up after OPEC+ assurance

MCX Gold futures opened in the green on Tuesday as market participants await US Federal Reserve officials’ commentary along with a host of US economic data releases throughout the week for visibility on the rate cut trajectory. An interest rate cut reduces the opportunity cost of holding gold since it does not yield anything.

MCX Gold futures maturing in August were trading 0.29% higher on Tuesday at ₹71,658 per 10 grams at 9:08 a.m.

MCX Silver futures maturing in July traded 0.45% higher at ₹89,195 per kg on Tuesday at 9:13 a.m. after having hit a high of ₹89,427 during the session. Meanwhile, MCX Zinc futures maturing in June were trading 0.52% higher at ₹258.80 per kg.

Meanwhile, the MCX Crude Oil June Futures edged higher on Tuesday, continuing their strength from Monday after The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, assured that its plan to raise supplies beginning the fourth quarter of 2024 could be paused or reversed depending on market conditions. MCX Crude Oil June futures were trading 0.36% higher at ₹6,694 at 9:17 a.m.

Meanwhile, the MCX Natural Gas futures maturing in June were trading 0.04% higher at ₹234.

Market participants are awaiting comments from New York Fed President John Williams and Fed Governor Lisa Cook. Furthermore, Fed Chair Jerome Powell is set to deliver his semi-annual testimony on monetary policy on July 9 at the Senate Banking Committee. The US retail sales data and weekly jobless claims are some of the economic data set to be released this week.

June 18: Inflation (Euro Area), Industrial Production (United States), Retail sales

June 20: Current Account Balance (United States), Initial jobless claims