TODAY'S SESSION RECAP
MCX metals complex closed decisively higher on Thursday, led by gold and silver. MCX Gold rallied ₹1.42% to close ₹152,950/10g, while MCX Silver advanced ₹1.36% to ₹235,275/kg. Both precious metals extended gains from overnight dollar weakness — USD/INR held at ₹95.95 throughout the session, supporting rupee-denominated commodity prices. Copper followed with a +0.75% close at ₹1,375.8/kg. Energy lagged: crude edged -0.04% to ₹9,815/bbl and natural gas fell -1.00% to ₹277.4/mmBtu on global supply ease and receding inflation narrative.
HOW MCX CLOSED VS RANGE
Gold closed at the upper end of its ₹1,500 range (L: ₹151,450 / H: ₹152,950), capturing the day's high and holding the bullish structure into close. Silver similarly demonstrated strength, settling ₹825/kg below its ₹236,100 intraday peak but well above the ₹233,600 low — a controlled retreat rather than capitulation. Both precious metals preserved session momentum into the final 30 minutes, signaling conviction among buyers.
WHAT COMEX IS DOING NOW
COMEX is diverging and fading. Gold sits at 4,312.70 $ (−0.46% on the day), reversing MCX's bullish close — a bearish signal for tomorrow's MCX open. WTI crude has collapsed −3.35% to 102.29 $ on inventory concerns, while COMEX silver paradoxically remains +0.87%, creating mixed overnight directional bias. US equity weakness is driving safe-haven demand away from commodities into bonds.
OVERNIGHT WATCH LIST
Monitor gold resistance at ₹153,295 (R1) and support at ₹152,401 (S1). Silver's 20-day SMA at ₹239,504 will test conviction at tomorrow's open. Watch for 10:30 AM IST US crude inventory release (EIA weekly data) — downside surprise could extend crude's selloff into Asia.
Overnight watch: US crude inventory data (10:30 AM IST) — key signal for energy complex direction at MCX open.