In the futures market, both gold and silver metals have seen a decline. Talk about the fifth of next month on the MCX exchange, so the futures price of gold here fell by 0.45 percent i.e. Rs 220 on Tuesday morning at 10.11 am.
After this decline, the futures price of gold for August was trading at Rs 48,928 per 10 grams. At the same time, on October 5, 2020, the futures price of gold was observed to fall by Rs 0.42, ie Rs 202, after which the futures price of gold was trading at Rs 49,069 per 10 grams on the MCX exchange.
For the time being December 4, 2020, the futures price of gold on the MCX exchange has seen a decline of 0.55 percent or Rs 273. At this time, gold was trading at Rs 49,145 per ten grams in the futures market for the month of December. Not just gold, today, there is a decline in silver in the futures market.
The futures price of silver for September 4, 2020, at 10:30 am on Tuesday on MCX saw a fall of 1.26%, ie Rs 668. Silver was trading at Rs 52,380 per kg. Not only this, internationally, silver prices have also seen a drop on Tuesday morning.
One can understand the futures market in such a way that trading here is done on the commodity exchange. Commodities are sold and purchased digitally in the futures market or futures market. In the futures market, futures prices are traded on the basis of old and new prices of a commodity.
In this market, there are deals up to a fixed date and it directly affects the spot market. There is no big difference between the price of the commodity in the spot market and the futures market.