MCX natural gas futures trade in the green while silver futures fall over 1%

MCX silver futures on Monday were trading lower while gold futures saw slight gains. At the same time, crude oil futures were trading slightly higher and base metals saw moderate losses. After a week packed with rate cuts and monetary decisions, traders and investors will now be tracking data to get further clarity about the future trajectory of interest rates.

Precious metals

Gold futures on the MCX were trading higher by 0.24% at ₹74,217 per 10 grams. The yellow metal has remained strong has trended upwards as interest rate cuts make the non-yielding metal a more attractive investment bet.

Meanwhile, silver futures on the MCX were trading lower by 1.09% and were trading at ₹89,142 per kg. The metal had hit an intraday high of ₹90,230 and was off its day’s low of ₹88,341.

Base metals

Base metals were trading higher on Monday with copper futures on the MCX trading lower by 0.23% at ₹807.60.

Meanwhile, zinc futures were up 0.23% to trade at ₹266. Lead futures were trading lower by 1.23% at ₹180.90.

Crude oil and natural gas

MCX crude oil futures on Monday were trading flat at ₹5,976 per barrel. Although rate cuts have provided support to crude oil prices, fears of economic slowdown and weak Chinese demand has proved to be a hurdle for the commodity.

Natural gas futures on the MCX were up 2% on Wednesday and were trading at ₹206.4. Natural gas futures have rallied significantly and are at its highest level since July.

Economic data

After the Fed announced a rate cut of 50 bps and the Bank of Japan held a dovish stance, markets received some support. However, the weak Chinese economy has dulled investor sentiments and highlighted risks of slowdowns globally.

Going ahead, market participants will be closely tracking the personal consumption expenditure (PCE) data from the United States which is due on Friday. Further, a statement from Fed chairman Jerome Powell will also be on the radar.