New Delhi, Business Desk. On Monday, there was a significant rise in gold prices in the futures market. According to experts, due to the increase in worldwide coronavirus related cases, the yellow metal prices in the futures market were strengthened due to the increase in the deals of participants in gold considered a safe haven. According to the Multi Commodity Exchange (MCX) data, on August 5 around 1:40 pm, gold futures of August 5 contracted by Rs 140 or 0.29 percent to Rs 49,003 per 10 grams. At the same time, gold for the contract of October 5, 2020, rose by Rs 97 or 0.20 percent to Rs 49,100 per 10 grams.
There has been a tremendous rise in silver prices in futures trading. According to MCX data, on September 4, 2020, silver delivered by Rs 919, ie 1.79 percent, rose to Rs 52281.00 per kg on delivery on 4 September 2020.
Know the futures market
There are two types of gold trading. Gold trading takes place in the spot market as well as in the futures market along with the spot market. Futures are traded on commodity exchanges. In the futures market, the commodity is sold and purchased digitally. In the futures market, deals are made at the future price based on the old and new prices of the commodity. This market deals with contracts up to a fixed date. The futures market has a direct impact on the spot market. There is no major difference in the commodity price in the spot market and futures market.
Gold Price in International Market
Gold prices in the international market have been increasing due to the rise in coronavirus cases worldwide. Gold prices rose by 0.51 percent to $ 1,807.93 an ounce in the international market around 2.10 pm. At the same time, silver gained 2.02 percent to reach the level of $ 19.10 an ounce.