MCX precious metal futures trade mixed, crude oil futures down over 1%

Crude oil futures on the MCX were trading lower on Monday as weak demand from China has stirred up concerns. Meanwhile, traders and investors are confident about the US Federal Reserve cutting rates which has provided a boost to gold and silver prices.

Precious metals

MCX gold futures were trading lower by 0.12% at ₹71,291 per 10 grams. The yellow metal found support as market participants are optimistic about the US Fed cutting interest rates. Lower interest rates make the non-yielding gold more attractive to investors.

Meanwhile, silver futures on the MCX saw modest gains and were trading higher by 0.47% at ₹83,633 per kg. The metal had hit a low of ₹83,600 during the session.

Base metal

Base metal futures on Monday were trading higher with zinc futures trading higher by 1.05% at ₹365. Meanwhile, copper futures of the MCX were up by 0.69% at ₹806.95 while lead futures were trading by 0.11% at ₹188.

Crude oil and natural gas

Crude oil futures on the MCX were down by 1.07% at ₹6,287 per barrel. Weak demand from China is one of the primary reasons that has prevented a further upmove in crude oil prices. Moreover, ceasefire talks in the Middle East have helped ease fears of further escalation which led to a fall in crude oil prices.

Natural gas futures were trading higher by 0.45% at ₹180.

Economic data

The coming week will see traders and investors closely track the chairman of the US Fed, Jerome Powell’s tone and posture at the upcoming Jackson Hole Symposium. Enthusiasm is high for a rate cut in the upcoming month however, the pace and magnitude of the rate cuts will play a crucial role in the markets.

Additionally, key data will be released in the upcoming week with the Euro Zone releasing its CPI data along with FOMC meeting minutes.