New Delhi, Business Desk. The domestic futures of gold have seen a fall on Thursday morning. On Thursday morning on the MCX exchange, the gold futures of August 5, 2020, was down by Rs 41 to trade at Rs 48,118 per 10 grams. At the same time, the gold futures price of October 5, 2020, fell by Rs 19 to Rs 49,282 per 10 grams on MCX on Thursday morning. Significantly, the spot price of gold in the domestic bullion market on Wednesday was Rs 49,898 per 10 grams.
On Thursday, the domestic futures of non-gold silver saw an increase on Thursday. On Thursday morning, the silver futures price of 4 September 2020 on MCX was up by 0.63 percent or Rs 326, at Rs 51,708 per kg. Significantly, in the last session on Wednesday, the domestic spot price of silver was Rs 50,416 per kg.
What is the futures market?
Gold is traded in two ways. One in the spot market and the other in the futures market. The futures market is also called a 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.
Talking about the global market, both gold and silver futures and spot prices saw a spurt on Thursday morning. According to Bloomberg, the global futures price of gold was trading up 0.08 percent or $ 1.50 on Comex on Thursday morning at $ 1,822.10 an ounce. At the same time, the global spot price of gold was trading 0.12 percent, or $ 2.08, on Thursday morning at $ 1,810.97 an ounce.
In addition, on Thursday morning, silver futures were trading at $ 19.27 an ounce, a rise of 0.54 percent, or $ 0.10 on Comex. At the same time, the global spot price of silver was currently trading at $ 18.79 an ounce, rising 0.38 percent or $ 0.07.