MCX precious metal futures trade lower, crude oil futures up 0.44%

The Multi Commodity Exchange (MCX) saw gold and silver futures trade lower on Tuesday as traders and investors booked profits ahead of key inflation data. Meanwhile, crude oil and natural gas futures extended their gains during the session.

Precious metals

MCX gold futures were trading lower by 0.24% and at ₹70,570 per 10 grams on Tuesday. The yellow metal was in the red after a significant rally a day prior. Traders and investors likely booked profits ahead of U.S. CPI data.

Silver futures were trading lower by 0.61% at ₹81,123 per kg after climbing over 1% on Monday.

Base metals

Base metals were under pressure on Tuesday with Zinc being the top loser as it traded lower by 1.56% at ₹256. Copper futures were down by 0.60% at ₹785.55 per kg. Lead futures saw losses as well and were lower by 0.37% at ₹186.45

Base metals had staged a slight recovery after declining steadily. However, the commodities are back under selling pressure.

Crude oil and Natural gas

MCX crude oil futures were trading higher by 0.49% at ₹6,587. Crude oil futures extended their gains for the sixth consecutive session as growing geopolitical tensions have led to increased demand for the commodity.

At the same time, Russian supply constraints led to a significant rally in natural gas futures the previous day. On Tuesday, natural gas futures on the MCX were trading lower by 0.76% at ₹182.30

Economic data

On Monday, data revealed that India’s industrial output contracted to a 5-month low of 4.2%. However, India’s inflation came down to 3.54% in July.

The U.S. will announce its consumer price index (CPI) data for the month of July on Wednesday. The data will be a key indicator to get a hint about the Federal Reserve’s plans for interest rate cuts. Additionally, inflation data from the United Kingdom and industrial production data from China will be crucial indicators as well.