MCX Gold futures trade flat, Crude trades lower on Wednesday evening

MCX Gold futures were trading in the red during Wednesday’s morning session but pared all the losses to trade flat as compared to Tuesday’s close. Earlier, gold prices had edged lower on Tuesday dragged by a strong dollar and rising US Treasury yields. MCX Gold futures maturing in August were trading 0.6% lower on Wednesday at ₹71,020per 10 grams at 6:00 pm.

Investors and traders are keenly awaiting the release of the personal consumption expenditure (PCE) on Friday. PCE is the Fed’s most preferred gauge of inflation.

Metals

MCX Silver futures maturing in July are trading 0.6% lower at ₹86,354 per kg on Wednesday at 6:00 p.m. after having hit a high of ₹87,365 during the session. Meanwhile, MCX Zinc futures maturing in June were trading 2.1% higher at ₹264.05 per kg.

MCX Copper futures maturing in July traded 0.28% lower at ₹836.25 per kg.

Crude Oil

After MCX Crude Oil futures witnessed some dip in prices on Wednesday morning following weak US consumer confidence and higher inventory, the commodity witnessed an uptick by afternoon, which it failed to hold in the evening session. MCX Crude Oil July futures were trading 0.52% lower at ₹6,820 at 6:00 p.m.

Meanwhile, the MCX Natural Gas futures maturing in July were trading 1.3% higher at ₹236.20.

Economic Data

The Conference Board said that the US consumer confidence eased to 100.4 from a downwardly revised 101.3 in May on concerns regarding the economy. Meanwhile, Federal Reserve Governor Michelle Bowman reportedly said she expects a number of upside risks to the inflation outlook.

Another Fed Governor Lisa Cook reportedly stated it will be appropriate to cut rates at some point and that she believes inflation will improve gradually this year.

June 27: Real GDP (Third Estimate) (United States)

June 28: Personal Consumption Expenditure (PCE) (United States)