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  1. MCX gold futures climb slightly; silver below ₹80,000

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MCX gold futures climb slightly; silver below ₹80,000

Upstox

2 min read | Updated on August 06, 2024, 18:24 IST

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SUMMARY

Markets on Tuesday saw some recovery with gold and crude oil futures on the MCX trading higher by 0.09% and 0.73%, respectively. However, silver futures and base metal futures continued to be under pressure.

MCX gold futures trade in a range; Silver loses for fourth session in a row

MCX gold futures trade in a range; Silver loses for fourth session in a row

MCX gold and silver futures were trading in a range on Tuesday’s session while crude oil futures saw moderate gains. Multiple economic and geopolitical factors have led investors and traders to keep an eye out for any developments that would impact the markets.

Precious metals

MCX gold futures were trading higher by 0.09% at ₹69,360 per 10 grams. The yellow metal opened higher but fell to hit an intraday low of ₹68,925. However, buying interest at those levels helped push the metal higher where it saw range-bound action.

Meanwhile, silver futures on the MCX extended their losses for the fourth consecutive session and were trading lower by 0.23% at ₹79,411 per kg. The metal hit an intraday low of ₹78,311 but managed to bounce back from those levels.

Base metals

Base metals continued to be under pressure as weak economic data and fears of recession weighed down on metal prices. Copper futures saw losses of 0.17% and were trading at ₹775.95 per kg while lead futures were up 0.41% to ₹182.20. Zinc futures on the MCX were trading lower by 0.44% at ₹246.65.

Crude oil and Natural gas

Crude oil futures on the MCX were up by 0.73% at ₹6,189 per barrel. Despite low demand from China and potential economic slowdown in various countries, crude oil prices climbed as the chances of a wider war in the Middle East increased.

Natural gas futures were higher by 0.24% at ₹164.80.

Economic data

Following the growing fears of a recession in the U.S., traders and investors were reassured by the U.S. Federal Reserve that weak jobs data does not directly equate to a recession. Any further hints about higher or early rate cuts would provide more support for gold and crude oil prices.

Going ahead, markets will be looking out for key data such as the U.S. jobless claims and crude oil inventories. Additionally, any developments in the Middle East could have an impact on commodity prices as well.

SIP
Consistency beats timing.
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Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.