While crude oil futures saw modest gains on Tuesday, MCX gold and silver futures traded in a range. Due to several geopolitical and economic factors, traders and investors constantly monitor any developments that could affect the markets.
Precious metals
The 10 grams of MCX gold futures were trading at ₹69,360, up 0.09%. The yellow metal experienced an intraday low of ₹68,925 after beginning the day higher. But buying interest at those levels supported a higher price for the metal where range-bound action was observed.
Silver futures on the MCX, meanwhile, continued to lose ground for a fourth straight day and were down 0.23% at ₹79,411 per kg. The metal recovered from its intraday low of ₹78,311 to reach higher levels.
Base metals
Base metal prices were pressured by weak economic data and recessionary fears, which persisted. Lead futures increased by 0.41% to ₹182.20, while copper futures saw losses of 0.17% and traded at ₹775.95 per kg. On the MCX, zinc futures were down 0.44% at ₹246.65.
Financial information
The U.S. Federal Reserve reassured traders and investors that poor jobs data does not necessarily indicate a recession, in response to mounting concerns about a potential recession in the United States. The prices of gold and crude oil would be further supported by any more indications of higher or earlier rate cuts.
Markets will watch important data going forward, including U.S. jobless claims and crude oil inventories. Furthermore, changes in the Middle East may also affect the price of commodities.
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