new Delhi . On Tuesday, both gold and silver futures prices have seen a significant decline. On the MCX exchange, gold futures of August 5, 2020 were trading 0.45 per cent, or Rs 220, at Rs 48,928 per 10 grams on Tuesday morning at 10.11 am. At the same time, the futures price of gold on October 5, 2020 was currently trading at Rs 49,069 per 10 grams on MCX, down 0.41 percent or Rs 202. Apart from this, on the December 4, 2020 gold, its futures price fell by 0.55 per cent or Rs 273 on Tuesday morning to trend at Rs 49,145 per ten grams.
The domestic futures market has seen a sharp decline in silver prices on Tuesday. On Tuesday morning at 10:30 AM on MCX, the silver futures of September 4, 2020 fell by 1.26 per cent or Rs 668 to trade at Rs 52,380 per kg. International prices have also seen a drop in silver prices on Tuesday morning.
What is the futures market?
Gold is traded in two ways. One in the spot market and the other in the futures market. Futures trading is done on the commodity exchange. In the futures market, the commodity is sold and purchased digitally. In the futures market, deals are made in future prices based on the old and new prices of the commodity. There are deals in this market up to a fixed date. The futures market has a direct impact on the spot market. There is no major difference between the price of the commodity in the spot market and the futures market.
Gold price globally
Let us now know the gold prices of the global market. According to Bloomberg, on Tuesday morning, the global futures price of gold was down 0.77 percent or $ 13.90 on Comex to trade at $ 1,800.20 an ounce. At the same time, the global spot price of gold was down by 0.25 percent, or $ 4.56, on Tuesday morning at $ 1,798.20 an ounce.
Silver price globally
Meanwhile, the global futures price of silver was down by 1.66 percent or $ 0.33 on Comex on Tuesday morning at $ 19.46 an ounce. In addition, the global spot price of silver was trading at $ 19 an ounce, down 0.37 percent or $ 0.07 at this time.
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