MCX gold futures hit fresh 52-week highs, silver futures gain 0.65%

MCX gold futures continued its recent rally and scaled new heights while silver futures saw decent gains as well. Base metal futures saw some buying during the session while crude oil futures were unable to gain traction. Natural gas futures remained weak as well.

Precious metals

Gold futures on the MCX were trading higher by 0.39% at ₹76,660 per 10 grams. After taking support at lower levels, the yellow metal continued to rally to hit fresh highs ₹76,820.

Meanwhile, silver futures on the MCX were up by 0.72% and were trading at ₹92,280 per kg. The metal had hit an intraday high of ₹92,479 and was off its day’s low of ₹91,605.

Base metals

Base metal futures were able to hold on to gains on Wednesday with zinc futures being the top gainer.

Copper futures on the MCX trading higher by 0.73% at ₹823.10. Meanwhile, zinc futures were trading higher by 1.24% at ₹285.10. Lead futures were up by 0.25% at ₹183.10.

Crude oil and natural gas

MCX crude oil futures on Wednesday were trading lower by 0.42% at ₹5,898 per barrel. The commodity saw a significant sell-off in the previous session as supply concerns eased and weak demand from China dampened investor sentiment.

Natural gas futures were trading lower by 1.42% during the session. The commodity was trading at ₹208.6.

Economic data

Markets had their eyes on Europe as headline inflation in the Germany, France, and the UK saw a decline. Additionally, a fall in crude oil prices has raised expectations of further interest rate cuts.

Meanwhile, China’s weak demand has had an impact on the global commodities market with crude oil being hit the hardest. Going ahead, market participants will be tracking an upcoming press conference on Thursday to get clues about China’s plans to support its economy with its crisis-struck property sector in focus.