MCX precious metals trade higher, crude oil and base metal futures slip

MCX crude oil futures were trading in the red on Friday while precious metal futures saw decent gains. Although interest rate cuts by the US provided a boost to markets, concerns of a Middle East conflict have remerged which could weigh down investor sentiments.

Precious metals

Gold futures on the MCX were trading higher by 0.56% at ₹73,849 per 10 grams. The metal is trading at its highest level since mid-July.

Meanwhile, silver futures on the MCX were trading higher with gains of 0.46% and were trading at ₹90,380 per kg. The metal had hit an intraday high of ₹90,450 and was off its day’s low of ₹89,706.

Base metals

Base metals were trading higher on Friday with copper futures on the MCX trading higher by 0.05% at ₹814.80. Copper futures are set to gain for the second consecutive week.

Meanwhile, zinc futures were down 0.91% to trade at ₹267. Lead futures were trading lower by 0.40% at ₹184.55.

Crude oil and natural gas

MCX crude oil futures on Friday were trading lower by 1.61% at ₹5,929 per barrel. Crude oil prices are all set to close with gains for the second week in a row. However, weak demand from China has put a cap on prices despite rate cuts and low crude oil inventory.

Natural gas futures on the MCX were down 0.20% on Wednesday and were trading at ₹195.5.

Economic data

Following the rate cut decision from the US, The Bank of England and the Bank of Japan kept their interest rates unchanged. Despite the monetary policy decision from the Unites States, the BoE has taken a cautious approach to the rate cut cycle.

Meanwhile, China’s economic slowdown has proved to be persistent and has provided fuel to deflationary concerns.