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  1. MCX precious metal futures rise while crude and natural gas futures decline

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MCX precious metal futures rise while crude and natural gas futures decline

Upstox

2 min read | Updated on August 08, 2024, 19:42 IST

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SUMMARY

MCX gold futures were trading higher by 0.25% after RBI Governor Shaktikanta Das announced that the repo rate will remain unchanged. Silver futures saw gains of 0.24% while crude oil and natural gas futures were trading in the red.

MCX precious metal futures rise while crude and natural gas futures decline

MCX precious metal futures rise while crude and natural gas futures decline

Precious metal futures on the Multi Commodity Exchange (MCX) rose on Thursday while crude oil and natural gas and natural gas were under pressure. The Reserve Bank of India (RBI)’s Monetary Policy Committee (MPC) announced its decision to keep repo rates unchanged which provided stability to the markets.

Precious metals

MCX gold futures saw gains of 0.25% and were trading at ₹69,139 per 10 grams on Thursday and remained range-bound during the session. The yellow metal stayed firm due to rising bets of the U.S. Fed cutting interest rates in the future.

Silver futures were trading higher by 0.24% at ₹79,091 per kg. The metal was trading in the green after seeing losses for 5 sessions in a row. Silver futures on the MCX hit an intraday low of ₹78,750.

Base metals

Base metals saw some recovery during Thursday’s session with copper futures on the MCX trading higher by 0.14% at ₹772. Zinc futures jumped over 1.39% and were trading ₹248.30. Lead futures were trading flat at ₹183.05.

Crude oil and Natural gas

MCX crude oil futures were trading lower by 0.09% at ₹6,321 after gaining for two sessions in a row. U.S. crude oil inventory data showed a decline of 3.72 million barrels. With concerns about geopolitical tensions affecting supply chains, crude oil has managed to remain steady despite recession fears. Natural gas futures on the MCX were trading lower by 0.34% at ₹175.60.

Economic data

A significant factor weighing down markets has been fears of escalation in the Middle East. Adding to the negative sentiment, data from China showed that crude oil imports in July fell to the lowest point since September 2022.

Investors and traders will be looking ahead to the initial jobless claims data from the U.S. Gold and crude oil prices will also be impacted by any decisions regarding interest rates.

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.