In India, MCX gold futures experienced a slight uptick today, mirroring gains in global gold prices driven by a weakening US dollar amidst growing expectations of an earlier rate cut by the Federal Reserve.
As of the morning trading session, the August 5 expiry gold futures contract was up by 0.2%, trading at ₹72,519 per 10 grams.
Internationally, gold maintained its position above the critical support level of $2,350 per ounce, trading at $2,367 per ounce. The precious metal also held marginally above its 50-day moving average of $2,366 per ounce.
Key economic indicators from the US revealed that the economy added 206,000 jobs, meeting market forecasts. However, the unemployment rate edged up to 4.1%. Federal Reserve Chairman Jerome Powell commented on these figures, emphasizing the importance of addressing elevated inflation risks promptly to support economic activity and employment levels.
Following Powell’s remarks, the US Dollar Index saw a slight decline, down by 0.05% to 105.09.
In contrast, MCX crude oil futures recorded a 0.6% decline, trading at ₹6,789 per barrel. This drop was attributed to diminishing concerns over the Beryl storm in the US, ongoing peace negotiations in the Middle East, and indications of economic softness in the US.
Furthermore, weakening demand from China added to the downward pressure on oil prices, with a Bloomberg survey indicating the lowest number of tankers headed to China in nearly two years.
Meanwhile, other commodities on MCX witnessed varied movements: natural gas prices were down by 1.6%, while metals such as copper, zinc, and lead saw marginal declines ranging from 0.1% to 0.3%.
In the same trading session, silver remained steady on MCX, showing no significant change in value.
This session reflects a complex interplay of global economic indicators influencing commodity markets, with investors closely monitoring developments for further insights into future trends.
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