MCX Gold futures set to mature in August were trading down by 0.08% at ₹71,413 per 10 grams as of 9:22 a.m. on Wednesday. The decline followed weak consumer confidence data from the U.S., raising concerns about the economic outlook and potential impact on fuel demand.
Initially, MCX Gold futures opened higher but reversed gains to trade in the red. The previous day’s session saw gold prices dip due to a stronger dollar and rising U.S. Treasury yields. Investors are now looking ahead to the release of the Personal Consumption Expenditure (PCE) index on Friday, the Federal Reserve’s preferred measure of inflation.
Metals Market Movements
In other metals, MCX Silver futures set to mature in July were down by 0.06% at ₹86,888 per kg at 9:32 a.m., after reaching a session high of ₹87,141. MCX Zinc futures for June delivery rose by 0.55% to ₹264.40 per kg, while MCX Copper futures for July were slightly lower at ₹838.60 per kg.
Crude Oil Market Dynamics
MCX Crude Oil futures also experienced a dip on Wednesday, influenced by the same weak U.S. consumer confidence report. Despite this, the July crude oil futures were trading 0.22% higher at ₹6,786 at 9:37 a.m. Concerns about high inventory levels have further pressured the market, with U.S. crude stocks increasing by 914,000 barrels in the week ending June 21, raising doubts about summer driving demand.
MCX Natural Gas futures for July were down by 0.91%, trading at ₹238.50.
Economic Indicators and Fed Insights
The Conference Board reported on Wednesday that U.S. consumer confidence fell to 100.4 in June, down from a revised 101.3 in May, amid growing economic concerns. Federal Reserve Governor Michelle Bowman indicated she anticipates several risks to the inflation outlook. Another Fed official, Governor Lisa Cook, suggested that it might become necessary to cut rates at some point, predicting a gradual improvement in inflation this year.
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