MCX gold futures up 0.30%, base metal futures trade in the red

MCX gold futures extended gains to hit fresh highs while silver futures were trading in the red. Base metals were trading with losses while crude oil futures managed to hold on to some gains. Natural gas futures were trading in the red.

Precious metals

Gold futures on the MCX were trading higher by 0.37% at ₹76,950 per 10 grams. The metal was trading in the green for the third consecutive session and hit a fresh high of ₹76,985.

Meanwhile, silver futures on the MCX were down by 0.09% and were trading at ₹92,100 per kg. The metal had hit an intraday high of ₹92,169 and was off its day’s low of ₹91,130.

Base metals

Base metal futures were trading in the red on Thursday with copper futures on the MCX trading lower by 0.99% at ₹812.95. Meanwhile, zinc futures were trading lower by 1.06% at ₹279.10. Lead futures were down by 0.30% at ₹182.25.

Crude oil and natural gas

MCX crude oil futures on Wednesday were trading higher by 0.08% at ₹5,930 per barrel. After being under selling pressure for the past few sessions, the commodity found support as the US crude stockpiles saw a considerable drop.

Natural gas futures were trading lower by 0.05% during the session. The commodity was trading at ₹200.3.

Economic data

Data from Japan highlighted a slowdown in exports as they fell for the first time in 10 months. Meanwhile, China announced that it will extend more support to its crisis-struck property sector.

With inflation remaining under control and signs of economic slowdown popping up in the US and China, market participants are expecting further interest rate cuts. The Eurozone announced a fall below 2% in CPI for the month of September.

Going ahead, markets will be tracking job data from the US along with the European Central Bank’s interest rate decision.