new Delhi. Domestic futures prices of gold and silver are also seen fluctuating on Wednesday. On the MCX exchange on Wednesday, at 9:15 am, the gold futures of August 5, 2020 fell by Rs 85 to trade at Rs 52,506 per 10 grams. Apart from this, the futures price of gold on October 5, 2020 was seen trending at Rs 52,631 per 10 grams, falling by Rs 47 to 9 am on Wednesday morning.
On Wednesday, the price of silver has also seen a slight decline in the domestic futures market. On September 4, 2020 silver futures on MCX was trading down by Rs 63 to Rs 64,941 per kg at 9.10 am. Earlier, the spot price of silver in the domestic bullion market was Rs 64,297 per kg on Tuesday.
Gold price globally
Internationally, gold futures trended up 0.30 percent or $ 5.90 on Comex on Wednesday morning to trade at $ 1,969.80 an ounce. Apart from this, the global spot price of gold was currently trending at $ 1,951.91 an ounce, down 0.33 percent or $ 6.52.
Global price of silver
Talking about the futures price of silver globally, the futures price of silver was seen trending on Comex on Wednesday morning at $ 24.30 an ounce. At the same time, the global spot price of silver was down by 0.82 per cent or $ 0.20 to trade at $ 24.20 an ounce.
This is how prices are fixed in 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.
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