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Gold Futures Surge Over 1.5% as Investors Digest Fed Chair’s Remarks

by Barbara Miller

In Wednesday evening trading, MCX Gold futures experienced robust gains, climbing more than 1.5% and reaching near two-week highs. The upward movement followed Federal Reserve Chair Jerome Powell’s recent statements, where he indicated the US was returning to a disinflationary trajectory. Powell emphasized the need for further data scrutiny before any rate adjustments in response to recent weaker inflation metrics.

As of 5:25 p.m., MCX Gold futures for August delivery were up by 0.84% at ₹72,156 per 10 grams.

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Metals Shine

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MCX Silver futures, maturing in July, mirrored the bullish trend, rising by 1.77% to trade at ₹91,556 per kg at the same time. Similarly, MCX Zinc futures for July delivery saw a gain of 1.39%, reaching ₹270.85 per kg. Meanwhile, MCX Copper futures for July climbed 1.5% to ₹859.10 per kg.

Crude Oil Dips Despite Earlier Gains

Conversely, MCX Crude Oil futures for July relinquished their morning gains to trade 0.37% lower at ₹6,923 by 5:27 p.m. The retreat followed earlier price increases prompted by a report indicating a substantial drop of 9.163 million barrels in US crude inventories for the week ended June 28, suggesting strong demand amid peak summer driving season.

Steady Natural Gas Prices

MCX Natural Gas futures for July showed resilience, edging up 0.15% to ₹204.30.

Economic Insights

In economic news, the US Bureau of Labor Statistics released the latest job openings and labor turnover survey for May, revealing 8.14 million job vacancies, surpassing both prior month figures and estimates. However, US manufacturing continued to contract for the third consecutive month, with the ISM manufacturing PMI slipping to 48.5 in June from 48.7 in May. A PMI reading above 50 signifies growth in the sector.

Upcoming Economic Events

Looking ahead, market participants anticipate the release of the Fed Meeting Minutes and remarks from New York Fed President John C. Williams. Additionally, key indicators such as US Merchandise Exports, Imports, and Trade Balance figures are set to influence market sentiment in the coming sessions.

This article reflects the latest developments in commodity markets and economic indicators, shaping investor sentiment as global economic conditions continue to evolve.

Dailygoldprice provides you with live gold prices so that you can always understand the changes in the price of gold and better invest in gold.

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