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  1. MCX Gold up 0.6% tracking global gains; silver prices rise over 2% amid local buying

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MCX Gold up 0.6% tracking global gains; silver prices rise over 2% amid local buying

Upstox

2 min read | Updated on August 16, 2024, 18:32 IST

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SUMMARY

Gold prices on MCX rose tracking gains in international prices. Crude oil, however, fell after its recent rally. Base metal prices, too, were up after recent positive economic data coming out of the US.

MCX Gold up 0.6% tracking global gains; silver prices rise over 2% amid local buying

MCX Gold up 0.6% tracking global gains; silver prices rise over 2% amid local buying

Commodity futures were trading broadly higher on MCX today with losses in energy commodities offset by gains in precious and most base metals.

Precious metals

Gold futures expiring on October 4 rose 0.9% to ₹70,800 per 10 grams, tracking gains in international gold prices. The yellow metal rose internationally amid positive economic data in the US that allayed recent fears the world’s largest economy was headed for a slowdown.

Gold prices have risen sharply over the past one year amid hopes that central banks would cut rates on easing inflation, a move that would put pressure on the US dollar. The dollar and gold’s trajectory are generally inversely related.

While international gold prices are trading near all-time highs, in India, gold prices fell sharply after an import duty in the recent Budget, and trades below its recent high of ₹74,644.

Meanwhile, silver jumped 2.4% amid local buying despite weakness in global silver prices.

Base metals

Among base metals, zinc and copper were up 1.5% and 1.4%, respectively, with a strike in key supplier Chile threatening to create supply issues.

Lead and aluminium were up a more modest 0.6% and 0.3%, respectively.

Energy

Traders, however, sold crude oil and natural gas features, with the commodities falling 1.2% and 2.5 %, respectively.

Energy prices were choppy this week, aided by positive economic data in the US and geopolitical tensions in the Middle East but weak consumption data in China and a weak forecast by OPEC put a ceiling on the price.

Economic Data

Traders will watch the building permits data coming out at 6 pm India time today. But more importantly, they will eye a rate-setting meeting in China on August 20, crude oil inventories data in the US on August 21 and weekly jobless and PMI data coming out of the US on August 22.

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.