The spot price of gold has been recorded in the Indian bullion market on Friday. According to HDFC Securities, the price of gold has fallen by Rs 20 in the national capital on Friday. With this decline, the price of 10 grams of gold has come down to Rs 47,268. According to Securities, domestic spot prices of gold declined due to a weak global trend. Significantly, on Thursday, gold had closed at Rs 47,288 per 10 grams.
At the same time, silver prices recorded an increase in the domestic bullion market on Friday. Silver has gained Rs 54 per kg on Friday. With this, the price of one kg of silver has gone up to Rs 49,584. Significantly, silver closed at Rs 49,530 per kg on Thursday.
HDFC Securities Senior Analyst (Commodity) Tapan Patel said that on Friday, 24-carat gold spot price was also trending down by Rs 20 per 10 grams in Delhi. He informed that the Indian markets have declined due to the fall in prices internationally.
The tremendous decline in the futures market
The futures price of gold has seen a sharp decline on Friday evening. On August 5, 2020 gold futures on MCX was trending at Rs 45,934 per 10 grams with a steep fall of 1.63 percent or Rs 762. At the same time, the silver futures of July 3, 2020, showed a decline of 2.30 percent or Rs 1,124 to trade at Rs 47,687 per kg.
Global prices also fall drastically
In the global market, both gold and silver prices have fallen drastically on Friday evening. According to Bloomberg, on Friday evening, the global futures price of gold was down by 1.88 percent, or $ 32.50, at $ 1,694.90 an ounce. Also, the global spot price of gold was down by 1.52 percent, or $ 26.10, at $ 1,687.91 an ounce.
At the same time, the global futures price of silver was down by 2.97 percent, or $ 0.54, on Friday evening at $ 17.52 an ounce. Also, the global spot price of silver was down by 1.65 percent, or $ 0.29, at $ 17.42 an ounce.